Grupo Mexico has offered to pay $2.9 billion for purchasing bankrupt copper producer, Asarco, which it earlier owned. The company has raised its offer from the earlier offer of $1.6 billion against Sterlite Industries’ $ 1.7 billion proposal.

Sandeep Bharadwaj of Tower Capital and Securities stated:

If they do go for the bid then it will be too expensive for Sterlite. We suggest selling Sterlite.

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