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US Court directs Sterlite to pay USD 82.75m to Asarco
Anil Agarwal-led Sterlite Industries (India) will have to pay an additional USD 82.75 million to Asarco as "incidental damages" for walking away
from a deal to acquire the US-based copper miner in 2008.
Anil Agarwal-led Sterlite Industries (India) will have to pay an additional USD 82.75 million to Asarco as "incidental damages" for walking away from a deal to acquire the US-based copper miner in 2008.
A Texas-based Bankruptcy Court has directed Sterlite to pay, on February 13, a gross amount of USD 132.75 million in incidental damages to Asarco and at the same time, rejected its application of refunding USD 50 million, paid to Asarco earlier.
"This amount (USD 132.75 million) shall be reduced by USD 50 million paid to Asarco in December, 2009, making Asarco entitled for a net amount of USD 82.75 million," Sterlie said in a statement today.
"Sterlite is examining the order and will take appropriate action based on legal advice," it added.
Sterlite had walked away from acquiring Asarco as copper prices crashed in the international market. Following this, the US-based firm had filed a suit against Sterlite Industries for breaching of contract and claimed that it suffered a loss of USD 2.28 billion because of Sterlite's walk-away.
The scrip of the company rose to Rs 134.75 apiece at the BSE today, up 4.34% over previous day's closing.
