Sterlite Doesnt Intend Selling Off Indal Assets After Takeover

Sterlite Industries (India) Ltd has assured Indal employees that it will not sell off the latters assets after it acquires 20 per cent stake in the company. In a press release, Sterlite clarified that there is no proposal or intention to dispose off assets of Indal. It has pointed out that a growth oriented company adds assets and thereby creates employment and does not strip assets and curtail employment. The company has urged Indal employees, union leaders and shareholders to note facts and not to be misled by hearsay to the contrary. The company has revised its offer price to 115 per share on March 22. Sterlite has pointed out that Malcos case, the company ploughed back all the profits thereby demonstrating promoters commitment to the units business operations.