Mumbai, Maharashtra, India
Sterlite Industries (India) Limited (NYSE: SLT) ("Sterlite Industries"), the flagship Indian operating subsidiary of the London listed FTSE 100 diversified miner Vedanta Resources plc, is pleased to announce that the premier Indian rating, research risk and policy advisory company, CRISIL, has upgraded its rating on Sterlite Industries' long-term non-convertible debenture programme to 'AA+/Stable' from 'AA'. CRISIL has also newly assigned ratings of 'AA+/Stable" and 'P1+' to Sterlite Industries' Cash Credit and Letter of Credit facilities with banks, respectively. The rating on Sterlite Industries' short-term debt programme has been reaffirmed at the highest 'P1+'.
CRISIL's rating upgrade is driven by more-than-expected improvement in Sterlite Industries' financial risk profile which is marked by the strong and sustainable improvement in the company's financial flexibility and liquidity position. The prolonged upswing in the zinc and aluminium businesses, coinciding with the expanding capacities of Sterlite Industries' key subsidiaries - Hindustan Zinc Ltd and Bharat Aluminium Company Ltd - has led to a sharp improvement in these entities' cash accruals and financial risk profiles.
CRISIL's ratings reflect Sterlite Industries' strong market position in the non-ferrous metals segment, and sustained healthy financial risk profile. The current ratings are also supported by the company's improving operating efficiencies.
For further information, please contact:
Sumanth Cidambi sumanth.cidambi@vedanta.co.in
Associate Director - Investor Relations Tel: +91 22 6646 1531
Sterlite Industries (India) Limited
Sheetal Khanduja Sheetal.khanduja@vedanta.co.in
Manager - Investor Relations Tel: +91 22 6646 1427
Sterlite Industries (India) Limited
About Sterlite Industries
Sterlite Industries is India's largest non-ferrous metals and mining company with interests and operations in aluminum, copper and zinc and lead. It is a subsidiary of Vedanta Resources plc, a London-based diversified FTSE 100 metals and mining group. Sterlite Industries' main operating subsidiaries are Hindustan Zinc Limited for its zinc and lead operations; Copper Mines of Tasmania Pty Limited for its copper operations in Australia; and Bharat Aluminium Company Limited for its aluminum operations. The company operates its own copper operations in India. The company recently entered the commercial energy generation business and is in the process of setting up a 2,400MW independent power plant through its wholly owned subsidiary, Sterlite Energy Limited. Sterlite Industries is listed on the Bombay Stock Exchange and National Stock Exchange in India and on the New York Stock Exchange in the United States. The company has been included in the recently launched S&P India 10 Index. For more information, please visit www.sterlite-industries.com.
Disclaimer
This presentation includes statements which may constitute forward looking statements made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Although Sterlite Industries believes that the expectations contained in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. These statements may involve risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties are more fully described in the section entitled "Risk Factors" in our registration statement on Form F-1 and in other reports and periodic filings made from time to time with the Securities and Exchange Commission. These filings are available at www.sec.gov. Sterlite Industries may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
Source: Business Wire (Business Wire India)
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