Corporate | Sterlite pledges to pay all Asarco debts

Corporate | Sterlite pledges to pay all Asarco debts

Texas, US: Sterlite Industries (India) Ltd, fighting to win control of a bankrupt US copper miner in court, pledged to pay all of the company’s debts in full, matching an offer from Grupo Mexico SAB.

Grupo Mexico SAB, however, said it has arranged $1.5 billion (around Rs7,300 crore) in financing from five banks.

Grupo Mexico is ready to pay a $22.5 million commitment fee to the banks, which it didn’t name, if US bankruptcy judge Richard Schmidt picks its plan for reorganizing Asarco Llc. over a competing offer from Sterlite Industries, company attorney Robert Moore said in court on Tuesday.

“We have a definitive term sheet," Moore told Schmidt.

Whichever company Schmidt picks, by 31 August, will wind up owning Tucson-based Asarco.



Suzlon scouts for buyers for 83% stake in SE Forge

New Delhi: Wind energy equipment maker Suzlon Energy Ltd is looking to exit its subsidiary SE Forge Ltd, an industry official familiar with the development said on Wednesday.

“The company wants to exit SE Forge. Most companies it is talking to are global players," the official said.

“SE Forge successfully raised equity from IDFC Pvt. Equity less than a year ago. The company is today fully-funded and delivering on-track performance and growth. We cannot comment on market speculation on stake sale," a Suzlon spokesperson said in an email response to a query.



Lodha Group may raise Rs3,000 crore on IPO

Mumbai: Lodha Group may seek to raise as much as Rs3,000 crore in an initial sale of shares in India by the end of the year, a person familiar with the matter said on Wednesday.

The Mumbai-based developer plans to use the money to pay debt of up to Rs500 crore and develop new projects, the person said, declining to be named before a formal announcement.

The developer, which may sell 10-12% of its equity, is likely to file share sale documents with the regulator by the middle of next month, the person said.

R. Karthik, head of marketing at Lodha, declined to comment.