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Sterlite mulls acquisition in US, Europe

Our Bureau

MUMBAI, Dec. 14

STERLITE Industries (India) Ltd is considering acquisition of primary copper capacities in the US and Europe as a means to maintain 50-60 per cent growth in its copper business, Mr Anil Agarwal, Chairman of the Sterlite group, said.

The company, which has acquired two copper mines in Australia, is looking at the possibility of further acquisition of mines.

Sterlite, which has indicated its plans to become a major player in the non-ferrous metals business, is also planning to put forth its financial bid for Bharat Aluminium Company (Balco).

Having completed the due diligence for Balco, Sterlite has taken a decision to make a bid. The Government is due to invite bids in January, Mr Tarun Jain, Director (Finance), Sterlite Industries, said.

If Balco is acquired by Sterlite, the latter's aluminium capacity will be increased to 1.40 lakh tonnes from the current 35,000 tonnes in primary aluminium.

Mr Agarwal reiterated that the company's move into mining will help it reduce costs by 25 per cent. ``We would like to have self-sufficiency in raw materials,'' he said.