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