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Our Bureau

Mumbai , Nov. 16

Sterlite Industries India Ltd is expanding its business canvas from metals and mining to the power sector.

The company will be foraying into commercial energy business by setting up a 2,400 MW green field power plant in Jharsuguda, Orissa, involving an investment of $1.9 billion. The power business will be operated through Sterlite Energy Ltd, a wholly owned subsidiary of Sterlite Industries India Ltd, belonging to Vedanta Resources.

The company's board has also proposed to raise Rs 12,500 crore in one or more tranches. The company has convened an extra-ordinary general meeting of its shareholders on December 11, 2006 to approve the board decisions.

Sterlite proposes to set up a 4 x 600 MW coal-based thermal power plant, which will be the first phase of the total power project. The second phase of the project, which has not yet been approved by the Board, involves setting up of another 1,200 MW plant (2 x 600 MW).

More Stories on : Metals | Diversification | Power

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