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Sterlite plans big steel, power push

Sterlite Industries (India) Ltd.(Merged) | Metal - Non Ferrous | Metals & Mining | BSE: 500900 | NSE: STER

17 Jul 2009 Evaluate

The Anil Agarwal-promoted Sterlite Industries, which raised about $1.5 billion through the sale of American depositary shares (ADS), will develop 11,000 mw of capacity over the next three years. The company also intends to enter into steel manufacturing, according to sources. The US offering of 12.34 crore shares was priced at $12.15 (Rs 591.15) each. London-listed parent company Vedanta bought $500 million of the issue and will have a 57.5% stake in Sterlite after the issue.

Its subsidiary Sterlite Energy is currently in the process of setting up two commercial power projects -- a 2,400 mw plant at Jharsuguda in Orissa and another 1,980 mw utility in Punjab for a total investment of Rs 15,000 crore. It plans to commission the first phase of the power project (600 MW) in Orissa by December this year. Power project in Punjab will generate an EBITDA of $500-600 million and will have a payback time of three years.

Sterlite, is in race for acquiring control over Asarco. It has increased its offer to $1.87 billion from $1.7 billion. The offer will not be raised further. This is the final bid at it’s fair value from sterlite. The company also plans to increase its stake in Hindustan Zinc Ltd. (HZL) and Bharat Aluminium Co. to strengthen control. Sterlite owns 65 percent in the HZL and has an option to buy the government’s 29% holding and is in talks to buy it. It aims to buy remaining 49% stake in Balco, from the government. Sterlite will use $2 billion raised earlier to buy the stakes from the government.

Sterlite has large expansion plans and needs money. Raising funds was easy as it has one of the lowest production costs, and was able to maintain margins even when aluminium prices were low. The deal comes amid a flurry of planned capital-raising by power companies looking to fund expansion to meet an acute electricity shortage in Asia's third-largest economy.

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Sterlite Inds. (I) Share Price

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Peers

Company Name	CMP
Hindalco	992.25
Vedanta	745.10
Hindustan Zinc	564.10
Jain Resource Recycl	426.95
Gravita India	1558.65
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Sterlite plans big steel, power push

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