Anil Agarwal-led Sterlite Industries (India) will have to pay an additional $82.75 million to Asarco as "incidental damages" for walking away from a deal to acquire the US-based copper miner in 2008.
A Texas-based Bankruptcy Court has directed Sterlite to pay, on February 13, a gross amount of $132.75 million in incidental damages to Asarco and at the same time, rejected its application of refunding $50 million, paid to Asarco earlier.
"This amount ($132.75 million) shall be reduced by $50 million paid to Asarco in December, 2009, making Asarco entitled for a net amount of $82.75 million," Sterlie said in a statement today.
"Sterlite is examining the order and will take appropriate action based on legal advice," it added.
Sterlite had walked away from acquiring Asarco as copper prices crashed in the international market. Following this, the US-based firm had filed a suit against Sterlite Industries for breaching of contract and claimed that it suffered a loss of $2.28 billion because of Sterlite's walk-away.
The scrip of the company rose to Rs 134.75 apiece at the BSE today, up 4.34 per cent over previous day's closing.
