Vedanta Resources owned Sterlie Industries has revised its bid for bankrupt US copper miner Asarco LLC to Rs 7,618 crore from the earlier cash component of Rs 5,280 crore.
Sterlite’s revision follows competitor Grupo Mexico’s bid of about Rs 9,600 crore which had been raised by Rs 1,248 crore on Monday.
The bids have been increased in the wake of increase in copper prices. Prices of the commodity have gone up by about 50 per cent in the last three months. “The consideration was changed to reflect an increase in copper prices and to meet the expectations of the creditors,” Sterlite said in its announcement to the Bombay Stock Exchange.
“Higher cash consideration also reflects our offer of cash in lieu of the reduction in the value of copper price participation note from $770 million (Rs 3,696 crore) to $208 million (Rs 9,98 crore).”