US court fines Sterlite $82.75 mn

A US bankruptcy court has ordered Anil Agarwal-promoted Sterlite Industries to pay $82.75 million in damages since the company broke an agreement to acquire US copper miner Asarco in 2008

Written by ENS Economic Bureau | Mexico City | Published:February 16, 2012 12:22 am

A US bankruptcy court has ordered Anil Agarwal-promoted Sterlite Industries (India) to pay $82.75 million (Rs 405.47 crore) in damages since the company broke an agreement to acquire US copper miner Asarco in 2008.

“The bankruptcy court,vide its order dated February 13,said Asarco is entitled to a gross amount of $132.75,” Sterlite said on Wednesday. “This amount shall be reduced by $50 million paid to Asarco in December 2009,making them entitled for an amount of $82.75 million.”

“Investors are happy that the issue is now of out of the window,” said Abhisar Jain,an analyst at Centrum Broking,a Mumbai-based brokerage firm. FE

Video of the day

For all the latest News Archive News, download Indian Express App

    Live Cricket Scores & Results