Sterlite Industries (India), a division of London based Vedanta Resources promoted by Anil Agarwal, has signed a contract with ASARCO, a Tuscon based mining, smelting and refining company, to get hold of substantially all the operating assets of the company.

The deal is priced at $1.1 billion, which will consist of $1.1 billion in cash and a senior secured non-interest bearing promissory news for $600 payable over a period of nine years.

But, the deal is still awaiting approval from of the US Bankruptcy Court for the Southern District of Texas, Corpus Christi Division.

While lecturing on the deal, Mr. Anil Agarwal, chairman, Sterlite, said, “We are happy that we have reached agreement with ASARCO on theses new terms. This acquisition is in line with our strategy of leveraging our existing skills to become a diversified global copper producer and creating long term value of shareholders.”

Sterlite is a top producer of non-ferrous metals in India. Sterlite has a strong attendance in the Indian copper market and is also present in the aluminium and zinc segments.

Sterlite is involved in manufacturing and marketing cast copper rods, copper cathodes, aluminium cold rolled products and conductors. Sterlite has more than 40% share of the India's copper market.

Shares of the company gained Rs 4.55 at Rs 250.05 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 737,086. The share price has touched a 52-weak high of Rs 954.80 and a low of Rs 164.50.