1. Sterlite Industries (India) Ltd., the copper and zinc producer controlled by billionaire Anil Agarwal, sold $1.75 billion of stock in the U.S., the biggest overseas share sale by an Indian company.
2. The proceeds will be used to finance
(a) a 2,400-megawatt power plant in eastern Orissa state that will cost about $1.9 billion, and
(b) to buy the government's 29.5 percent stake in Hindustan Zinc Ltd
[Steelmakers including Arcelor Mittal and Posco have announced ventures in Orissa giving Sterlite bulk users for the power plant; India's economic expansion has caused electricity demand to exceed supply; India must add 70,000-megawatt capacity in the next five years to ease a shortage;
Sterlite owns 65 percent of Hindustan Zinc Ltd]
Revenue comes from fulfilling a need well
[Click here for full story at: BLOOMBERG.COM]
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