Sterlite Industries (India) Limited:?Update on BALCO Arbitration
Thursday, January 27, 2022 5:50 AM

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Jan. 27, 2011 (Business Wire) -- The arbitration panel hearing the matter of the exercise by Sterlite Industries (India) Limited (“Sterlite” or The “Company”) of its call option to purchase the 49% equity stake in Bharat Aluminium Company Limited (“BALCO”) from the Government of India delivered its decision on 25 January 2011. The three-member panel ruled 2:1 that the call option was in violation of section 111A(2) of the Indian Companies Act, 1956. The company is considering its next course of action.

About Sterlite

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 and Namibia. 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.

About this Press Release; Forward-Looking Statements

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of Sterlite’s securities in any jurisdiction, including the United States, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

This press release contains “forward-looking statements” relating to the proposed bonus issue and stock split. These forward-looking statements are subject to a variety of factors. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under applicable securities laws, Sterlite does not undertake to update these forward-looking statements.

Sterlite Industries (India) Limited
Ashwin Bajaj, +91 22 6646 1531
Vice President – Investor Relations
sterlite.ir@vedanta.co.in
Sheetal Khanduja, +91 22 6646 1531
Associate General Manager – Investor Relations
Sterlite.ir@vedanta.co.in


(Source: Business Wire )
(Source: Quotemedia)
 

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