Japanese giant, Sumitomo Corporation, has entered into the race to buy SWIL Ltd, a company, with 50,000 tpa capacity to produce refined copper, put on sale under a restructuring package worked out by its creditors. The UK-based Metdist is the other foreign company which has shown interest in buying the company. The domestic companies that have shown interest in the company are Indo Gulf Ltd of the A.V. Birla group, Sterlite Industries of the Agarwals and Finolex Industries Ltd of Mr P.P. Chabbria. The Birlas reportedly have already completed the due diligence and Metdist is expected to complete it by this week. They said about 65-70 per cent of the equity capital of the company is up for sale. ICICI Bank and IDBI hold about 15 per cent stake each in SWIL.
NSTL
