Sterlite Industries to take power unit public in next few months

Sterlite Industries to take power unit public in next few months
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First Published: Wed, Jan 16 2008. 11 29 PM IST
Updated: Wed, Jan 16 2008. 11 29 PM IST
Mumbai: India-focused miner Vedanta Resources Plc. is planning an initial public offering (IPO) for Sterlite Energy Pvt. Ltd, its Indian unit, in the next few months, chairperson Anil Agarwal told reporters on Wednesday.
Sterlite Energy is a unit of non-ferrous metals producer Sterlite Industries (India) Ltd. UK-listed Vedanta owns 56.99% in Sterlite Industries.
“I can’t really give you a date but it will be in few months’ time ... bankers and advisers are working on it,” Agarwal said. He said the company would also sell shares through a pre-IPO placement.
In November, media reports said Sterlite Energy was planning to raise up to $2 billion through an IPO.
Vedanta plans to invest more than $12.5 billion (Rs49,125 crore) by 2012 on metals, mining and power generation. Agarwal said Vedanta was scouting for a partner to set up a steel plant in India and a decision on the project would be taken in the next couple of months. He said the company was considering acquiring copper assets in India but declined to give details.
Sterlite has said it plans to participate in coal-based power generation projects and other ancillary activities through its subsidiary, Sterlite Energy, and was looking at a capacity of 10,000 megawatts in five years’ time.
It said it is looking at equity and debt financing options for the projects. Sterlite last year raised $1.75 billion in American depository shares.
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First Published: Wed, Jan 16 2008. 11 29 PM IST