Sterlite, Suzlon to raise around $1 billion

15 Jul 2009

Sterlite Industries and Suzlon Energy are reportedly planning to raise up to $1 billion in a month's time. While Suzlon plans to raise around $400 million, Sterling is planning to raise anything between $500 million and $1 billion.

While Suzlon is looking to retire debt, Sterlite will use the funds to finance expansion.

The companies had organised road shows earlier in this connection.

Sterlite Industries, a part of Vedanta Resources, had last month taken shareholder's approval for issuing securities or global or American depositary receipts or convertible bonds.

Standard & Poor has recently placed the company on a credit watch. (See: Standard & Poor places Vedanta on CreditWatch)

Earlier this year, the Anil Agarwal-led Vedanta Group had announced plans to invest Rs70,000 crore in India by 2011-12, in a bid to emerge the world's fifth largest metals and mining group. (See: Vedanta investing Rs70,000 crore for expansion in India)