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Vedanta Res PLC (VED)

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Wednesday 15 February, 2012

Vedanta Res PLC

Sterlite Industries - Decision in Asarco Matter

RNS Number : 4525X
Vedanta Resources PLC
15 February 2012
 



                                                                                                               15 February 2012

 

Vedanta Resources plc

Sterlite Industries (India) Ltd - Decision in Asarco Matter

 

Vedanta Resources plc's subsidiary, Sterlite Industries (India) Limited issued the following release today.

 

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15 February 2012

 

Sterlite Industries (India) Limited
Decision in Asarco Matter

Tuticorin, India: Bankruptcy Court of Southern District of Texas, United States has issued an order regarding (i) Asarco's breach of contract claim and (ii) Sterlite's application for refund of US$ 50 million paid to Asarco in December 2009.

The Bankruptcy Court, vide its order dated Feb 13, 2012, has said that Asarco is entitled to a gross amount of US$ 132.75 million in incidental damages. This amount shall be reduced by US$ 50 million paid to Asarco in December 2009, making Asarco entitled for a net amount of US$ 82.75 million.  The Court has rejected the Company's application for refund of US$ 50 million.

Sterlite is examining the order and will take appropriate action based on legal advice.

 

For further information, please contact:


Ashwin Bajaj

Senior Vice President - Investor Relations

 

sterlite.ir@vedanta.co.in

Tel:  +91 22 6646 1531

 

Sheetal Khanduja

AGM - Investor Relations

 

sterlite.ir@vedanta.co.in

Tel: +91 22 6646 1531

About Sterlite Industries

Sterlite Industries (India) Limited is India's largest diversified metals and mining company. The company produces aluminium, copper, zinc, lead, silver, and commercial energy and has operations in India, Australia, Namibia, South Africa and Ireland.  The company has a strong organic growth pipeline of projects. The company is setting up 5,040 MW independent thermal power plants through its subsidiary Sterlite Energy Limited. Sterlite Industries is listed on the Bombay Stock Exchange and National Stock Exchange in India and the New York Stock Exchange in the United States. For more information, please visit www.sterlite-industries.com

 

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

 



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For further information, please contact:

Investors

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

ir@vedanta.co.in

Tel:  +91 22 6646 1531

 

Media

Gordon Simpson

Finsbury

Tel:  +44 20 7251 3801

 

 

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified global natural resources major. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit www.vedantaresources.com.

 

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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