Hindalco Ltd, the flagship of the Aditya Birla group, and Sterlite Industries, the Rs 2,000 crore copper and cables major, are once again bidding to acquire Pennar Aluminium, a company the Board for Industrial and Financial Reconstruction declared sick in April 1998.
Institutional sources said Hindalco and Sterlite are the only bidders for Pennar.Narayan Raman, vice-president, investor relations, Sterlite Industries, confirmed that the company had made a fresh bid for Pennar and was waiting for the Industrial Development Bank of India (IDBI) to respond.
Sterlite
