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Friday, Jan 31, 2003

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Sterlite to hive off copper business

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MUMBAI, Jan. 30

STERLITE Industries India Ltd has decided to hive off its copper business and its investments to a new company.

The residual Sterlite company will retain power transmission line, aluminium conductor and other non-metal assets in the company.

The copper business would be transferred to the new company as a going concern with effect from April 1. The assets and liabilities of the copper business and investments would be transferred at their book values, the company has told BSE.

Under the scheme of arrangement, the shareholders will be entitled to one equity share of Rs 5 in the new company for every share held in Sterlite Industries, besides, a sum of Rs 175 for every share held in the company.

The proposed scheme of arrangement would be subject to approval of the shareholders and creditors of the company and of the High Court.

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