London, June 8 (PTI): Indian metals group Sterlite Industries, currently quoted in Mumbai, is to float on the London Stock Exchange within the next two months. Sterlite plans to float up to 25 per cent of the company, raising around $ 250 million. The issue would value Sterlite at $ 1 billion and would be the most significant fund-raising on the London market this year.
The group, which is being advised by HSBC and JP Morgan, decided on Friday to press ahead with the flotation despite there having been no main market listings in London since last year.
Sterlite will become the first Indian metals company to have its primary listing in the UK.
Anil Agarwal, founder and owner of around 80 per cent of Sterlite, believes the company will achieve a better valuation here than it does in India and that the business will benefit from having a higher profile.
Sterlite is highly acquisitive and aims to become the largest non-ferrous metals group with sales of $ 5 billion by 2005.
Speculation is rife that Sterlite could use the money raised in London to launch a bid for Nalco.