Document:

EX-4.48 Novation Agreement

Exhibit
4.48

NOVATION AGREEMENT

Dated as of 15/11/2008 (the “Novation Date”) among

Indian Foils Limited, a public limited company incorporated under the Companies Act, 1956 and
having its registered office at India Foils Limited, 1, Sagore Dutta
Ghat Road, Kamarhati, Kolkata-700058 (the “Transferor”, which
expression shall, unless it be repugnant to
the subject or context thereof, include its successors and permitted assigns)

ICICI Bank Limited, a public company incorporated under the Companies Act, 1956 and a banking company within the
meaning of the Banking Regulation Act, 1949 and having its registered office at Landmark, Race
Course Circle, Vadodra 390007 and its corporate office at ICICI Bank
Towers, Bandra Kurla Comple,
Mumbai 400051 / and a Regional Office at 2B, Gorky Terrace, Calcutta 700017 (the “Lender” or
“ICICI Bank” which expression shall, unless it be repugnant to the subject or context thereof,
include its successors and permitted assigns); and

Sterlite Industries Limited, a public limited company incorporated under the Companies Act,
1956 and having its registered office at SIPCOT Industrial Complex,
Madurai, By pass road, TV Pura, Tuticurin, Tamilnadu — 628002
(the “Transferee”, which expression shall, unless it be repugnant to the subject or
context thereof, include its successors and permitted assigns)

 

 

The Transferor, the Lender and the Transferee are hereinafter collectively referred to as the
“Parties”.

Whereas:

	 	1.	 	By a Corporate Rupee Loan Facility Agreement, (the “Facility Agreement” which term
includes all amendments and modifications made thereto and the General Conditions as
defined in the Facility Agreement) executed between the Transferor and the Lender on the
8th day of February 2005, the Lender has at the request of the Transferor,
lent and advanced a Rupee Term Loan of Rs. 1020.00 million (the “Facility”).
	 
	 	2.	 	The said Facility is inter alia secured by a Corporate Guarantee (the
“Corporate Guarantee”) dated the 8th day of February 2005, issued
by the Transferee in favour of the Lender.
	 
	 	3.	 	The said Facility is further secured by an Option Agreement dated the
8th day of February 2005 (the “Option Agreement”), on payment of a one time
option fee of Rs. 2.00 million by ICICI Bank to the Transferee, whereby the Transferee
has granted an option to the Lender, to require the Transferee to purchase from the
Lender the receivables under the Facility Agreement on the terms and conditions more
particularly described in the Option Agreement.
	 
	 	 	 	The Facility Agreement, the Corporate Guarantee and the Option Agreement are hereinafter
collectively referred to as the Transaction Documents.
	 
	 	4.	 	Whereas a Put Option Event has occurred under clause 1.1 of the Option Agreement,
also tantamounting to an Event of Default under the General Conditions to the Facility
Agreement, by which it has become improbable for the Transferor to fulfill its
obligations under the Facility Agreement.
	 
	 	5.	 	As on date a sum of Rs.772.5 million is due and payable by the transferor under the
Facility Agreement.

 

 

At the request of the Transferor and the Transferee, the Lender has agreed to not exercise
its rights under the Option Agreement for the time being, in lieu of the Transferee agreeing
to refund the said outstanding of Rs. 772.5 million, as per the Schedule given in the Facility
Agreement and on the terms and conditions mentioned herein after:

     NOW THEREFORE, the Parties hereto hereby agree as follows:

	 	1.	 	The Transferee hereby undertakes to refund the said sum of Rs. 772.5 million as
per the Schedule given in the Facility Agreement.
	 
	 	2.	 	On and from the date hereof the said outstanding sum of Rs. 772.5 million payable
by the Transferee to the Lender will be treated as an unsecured loan
by the Lender to the
Transferee.
	 
	 	3.	 	All the Existing securities given by Transferor to the Lender in terms of the
Facility Agreement hereby stands discharged and the Parties shall take necessary steps
in this regards.
	 
	 	4.	 	The Lender shall issue a ‘No Due Certificate” at the time of execution of this
Agrrement and release all the Title Deeds deposited by the Transferor, to the Transferor
within 7 (seven) days from the date of This Agreement.
	 
	 	5.	 	The transferee agrees and undertakes that all the obligations and liabilities of
the Transferor towards ICICI Bank with respect to the Facility as
under the Facility
Agreement hereby stand conveyed and reassigned in full to the Transferee.

6. Any capitalized term not otherwise defined herein shall have the meaning assigned to
such terms in Transaction Documents as the context may permit.

 

 

IN WITNESS WHEREOF the Parties have executed this Novation Agreement on the respective dates
specified below with effect from and including the Novation Date.

	 	 	 	 	 	                    	 	 	 
	ICICI Bank Ltd.	 	India Foils Ltd.
	 	 	 
	(Name of Lender)	 	(Name of Transferor)
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:	 	/s/ A. Senthil Raj	 	By:	 	/s/ Sandeep Agarwal
	 
	 	 	 	 	 	 	 	 
	 
	 	Name:	 	A. Senthil Raj	 	Name:	 	Sandeep Agarwal
	 
	 	Title:	 	Chief Manager	 	Title:	 	Director
	 
	 	Date:	 	15/11/2008	 	Date:	 	15/11/08
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Sterlite Industries (I) Ltd.	 	By:	 	/s/ Manjol Agarwal
	 	 	 	 	 
	(Name of Transferee)	 	Name:	 	Manjol Agarwal
	 	 	Title:	 	Company Secretary and Head Finance
	 	 	Date:	 	15/11/08
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:	 	/s/ Sushil Gupta	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Name:	 	Sushil Gupta	 	 	 	 
	 
	 	Title:	 	CFO	 	 	 	 
	 
	 	Date:	 	15/11/2008	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:	 	/s/ Tarun Jain	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Name:	 	Mr. Tarun Jain	 	 	 	 
	 
	 	Title:	 	Whole Time DirectorEX-4.49 Credit Agreement Letter dated Aug 4, 2005

Exhibit 4.49

CREDIT ARRANGEMENT LETTER

CBG (West) / 3224 / CAL601386

August 04, 2005

India Foils Limited,

1, Sagore Dutta Ghat Road,

Kamarhati,

Kolkata — 700 058

Dear Sirs,

We have pleasure in advising you that the Bank has sanctioned the following term loan facility
to the company,

	 	 	 	 	 
	(Rs. in million)
	Facilities	 	Limit
	Term Loan
	 	 	250.0	 
	TOTAL
	 	 	250.0	 

The aforesaid credit facilities are subject to the main terms and conditions (subject to change as
per RBI directives / Bank’s policies from time to time) set out in Annexure I hereto which is
deemed to be a part of this Credit Arrangement Letter. The credit assistance is also subject to
the conditions that are contained in the documents, which the company has to execute between and
in favour of ICICI Bank Limited.

Meanwhile please return to us the duplicate copy of this letter duly signed by the authorised
signatory of the company in token of acceptance of the terms and conditions stipulated herein.

Yours faithfully,

/s/ Loknath Mishra

Asst. General Manager

	 	 	 
	For INDIA FOILS LIMITED

	 
	 	 
	(signed)
	 	(signed)
	Authorised Signatory
	 	Authorised Signatory

 

	 	 	 	 	 
	ICICI Bank Limited
	 	 	 	 
	ICICI Bank Towers
	 	Tel. (91-22) 2653 1414	 	Regd. Off. : "Landmark"
	Bandra-Kurla Complex
	 	Fax: (91-22) 2653 1122	 	Race Course Circle
	Mumbai 400 051, India.
	 	Website www.icicibank.com	 	Vadodara 390 007, India

 

 

ANNEXURE 1

TERMS AND CONDITIONS

	 	 	 
	Facility

	 	Corporate Loan
	 
	 	 
	Limit

	 	Rs.250.0 million
	 
	 	 
	Currency

	 	Rupee facility
	 
	 	 
	Security

	 	Secured by a first charge over the fixed assets of India Foils Limited.
	 
	 	 
	Tenor / Repayment 

schedule

	 	Amortisation schedule of the loan is attached as Annexure B.
	 
	 	 
	Interest

	 	The Company shall pay to ICICI Bank interest on the principal amount
of the Facility outstanding from time to time monthly in each year on
20th day of each calender month. The rates of interest for
each Tranche of the Facility (“the Applicable Rate”) shall be as
follows:
	 
	 	 
	 

	 	From August 2005 till July 2006: Nil interest
	 
	 	 
	 

	 	From August 2006 till May 2008: 6.50% per annum below the sum of the
ICICI Bank Benchmark Advance Rate and the Term Premium prevailing on
the date of disbursement of such Tranche of the Facility, plus
applicable interest tax or other statutory levy, if any.
	 
	 	 
	 

	 	The ICICI Bank Benchmark Advance Rate as on date is 11.00% per annum,
the Term Premium as on date is 0.00% per annum and the Applicable Rate
as on date is 4.50% per annum.
	 
	 	 
	 

	 	From June 2008 till May 2009: 1.00% per annum below the sum of the
ICICI Bank Benchmark Advance Rate and the Term Premium prevailing on
the date of disbursement of such Tranche of the Facility, plus
applicable interest tax or other statutory levy, if any.
	 
	 	 
	 

	 	The ICICI Bank Benchmark Advance Rate as on date is 11.00% per annum,
the Term Premium as on date is 0.00% per annum and the Applicable Rate
as on date is 10.00% per annum.
	 
	 	 
	 

	 	From June 2009 till August 2012: ICICI Bank Benchmark Advance
Rate and the Term Premium prevailing on the date of disbursement of
such Tranche of the Facility, plus applicable interest tax or other
statutory levy, if any.
	 
	 	 
	 

	 	The ICICI Bank Benchmark Advance Rate as on date is 11.00% per annum,
the Term Premium as on date is 0.00% per annum and the Applicable Rate
as on date is 11.00% per annum.
	 
	 	 
	 

	 	Above Interest rates shall be reset at the end of every 12 months from
the date of disbursement of the first Tranche of the Facility at the
applicable margin over over/below the sum of IBAR and the Term Premium
prevailing on the reset date, plus applicable interest tax or other
statutory levy, if any. The effective rate will be adjusted in the
redemption premium payable by the company.

	 	 	 
	For INDIA FOILS LIMITED

	 
	 	 
	(signed)
	 	(signed)
	Authorised Signatory
	 	Authorised Signatory

2

 

	 	 	 
	 
	 	 
	Loan
Processing Fee

	 	Rs.21.5 million payable at the time of loan disbursement.
	 
	 	 
	Interest calculation

	 	Interest will be calculated on 365 day basis in respect of rupee loans.
	 
	 	 
	Prepayment

	 	The Company may pay any of the oustanding tranches (in part or full),
on March 20th of each year from the 2nd year of the
currency of the loan along with the stipulated redemption premium.
	 
	 	 
	Redemption Premium

	 	Redemption premium payable at the end of each year in the event of
prepayment / repayment will be calculated to provide the stipulated
yeild as given in Annexure A.
	 
	 	 
	 

	 	ICICI Bank Benchmark Advance Rate (I-Bar) for the calculation of yeild
will be reset at the end of every 12 months and will be applicable
only from the reset date.

In addition to the above terms and conditions, the General
Conditions (GC-C-1999) will also apply to the Facility

Annexure A

REDEMPTION PREMIUM PAYABLE ON PREPAYMENT

	 	 	 
	YEAR OF REPAYMENT	 	YIELD FOR CALCULATION
	/ PREPAYMENT	 	OF REDEMPTION PREMIUM
	Mar 20, 2007
	 	I-BAR-3.25%
	Mar 20, 2008
	 	I-BAR-3.25%
	Mar 20, 2009
	 	I-BAR-3.00%
	Mar 20, 2010
	 	I-BAR-3.00%
	Mar 20, 2011
	 	I-BAR-2.50%
	August 20, 2012
	 	I-BAR-2.00%

	 	 	 
	For INDIA FOILS LIMITED

	 
	 	 
	(signed)
	 	(signed)
	Authorised Signatory
	 	Authorised Signatory

3

 

Annexure B

AMORTIZATION SCHEDULE

	COMPANY NAME 	 	INDIA FOILS LTD
	 
ASSISTANCE TYPE 	 	 
CORPORATE LOAN

	 	 	 	 	 	 	 	 	 
	 	 	Installment of principal	 	Principal amount of the facility
	Due Dates for	 	amount of the facility	 	outstanding after each payment
	Payment	 	(in Rs)	 	(in Rs)
	20-Nov-08
	 	 	15,625,000	 	 	 	234,375,000	 
	20-Feb-09
	 	 	15,625,000	 	 	 	218,750,000	 
	20-May-09
	 	 	15,625,000	 	 	 	203,125,000	 
	20-Aug-09
	 	 	15,625,000	 	 	 	187,500,000	 
	20-Nov-09
	 	 	15,625,000	 	 	 	171,875,000	 
	20-Feb-10
	 	 	15,625,000	 	 	 	156,250,000	 
	20-May-10
	 	 	15,625,000	 	 	 	140,625,000	 
	20-Au9-10
	 	 	15,625,000	 	 	 	125,000,000	 
	20-Nov-10
	 	 	15,625,000	 	 	 	109,375,000	 
	20-Feb-11
	 	 	15,625,000	 	 	 	93,750,000	 
	20-May-11
	 	 	15,625,000	 	 	 	78,125,000	 
	20-Aug-11
	 	 	15,625,000	 	 	 	62,500,000	 
	20-Nov-11
	 	 	15,625,000	 	 	 	46,875,000	 
	20-Feb-12
	 	 	15,625,000	 	 	 	31,250,000	 
	20-May-12
	 	 	15,625,000	 	 	 	15,625,000	 
	20-Aug-12
	 	 	26,625,000	*	 	 	—	 

 

			
	*	 	Including redemption premium of Rs.11.0 million.

	 	 	 
	For INDIA FOILS LIMITED

	 
	 	 
	(signed)
	 	(signed)
	Authorised Signatory
	 	Authorised Signatory

4

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