Universal Cables

Sterlite Industries (India), primarily engaged in the manufacture of polyethylene insulated jelly-filled telecommunication cables and continuous-cast copper rods, is setting up a Rs 700 crore copper smelting and refining plant at Zadgaon in Ratnagiri district of Maharashtra to manufacture 60,000 tpa copper cathodes. The project is proposed to be financed by rupee term loans from financial institutions (Rs 75 crore), rights issue of non- convertible debentures with detachable warrants (Rs 148.85 crore). rights and public issues of fully convertible debentures (Rs 465.38 crore), state subsidy (Rs 0.30 crore) and cash accruals (Rs 40 crore). The technical know-how for the copper smelting and refining process will be provided by MIM Holdings, Australia. The services of Davy Power Gas for detailed engineering, procurement, construction and project co-ordination and implementation and those of Howe India for carrying out the detailing of the port facilities required for the project have been engaged by the company. The process will also produce sulphuric acid and anode simes of gold and silver as byproducts. Commissioning and trial runs are slated for March 1995 and commericai production for July 1995. To part finance the cost of the project the company is making a public issue of 36,26,300 secured zero interest fully convertible debentures of Rs 360 each for cash at par totalling- FCDs are earmarked for preferential allotment