Document:

EX-4.28 Letter issued by Sterlite Industries

Exhibit 4.28

March 27, 2008

Mr. K. K. Kaura

Mumbai

Sub : Renewal of Service Agreement for a further period of 6 (six) months

Dear Mr. Kaura,

In terms of the approval accorded by the Board of Directors of the Company at their meeting held on
March 27, 2008, the service agreement between yourself and the Company dated September 12, 2006 for
your appointment as Managing Director and Chief Executive Office of Sterlite Industries (India)
Limited, which expires on 31st March, 2008 is extended for a further period of 6 (six)
months effective from April 1, 2008 up to September 30, 2008.

All other terms and conditions of the agreement dated September 12, 2006 remain the same.

Your acceptance of the above may kindly be intimated to the Company by signing and returning the
duplicate copy of this letter.

Thanking you,

Yours faithfully,

For Sterlite Industries (India) Limited

/s/ Navin Agarwal

Navin Agarwal

Executive Vice-Chairman

Accepted

/s/ Kuldip Kumar Kaura

 

Kuldip Kumar KauraEX-4.38 Memorandum of Understanding

Exhibit 4.38

Memorandum of Understanding (“MOU”)

This MOU made this Twenty ninth day of August Two Thousand and Seven at Mumbai

between

Vedanta Aluminium Limited a company within the meaning of the Companies Act, 1956 (Act 1 of 1956)
and having its Registered Office at Vedanta, 75, Nehru Road, Vile Parle (E), Mumbai- 400099
(hereinafter referred to as “VAL” or “the Company”) (which expression shall, unless it be repugnant
to the subject or context thereof, include its successors and assigns):

AND

Sterlite Industries (I) Limited, a company within the meaning of the Companies Act, 1956 (Act 1 of
1956) and having its Registered office at SIPCOT Industrial Complex, Madurai by-pass Road, T V
Puram, Tuticorin - 628002 (hereinafter referred to as “SIIL” or “the Subscriber”) (which expression
shall unless it be repugnant to the subject or context thereof, include its successors and
assigns):

Whereas, VAL is commissioning one million tpa Alumina refinery with an associated captive power
plant of 90 MW at Lanjigarh at a capital outlay of Rs. 4000 crore and setting-up a 500,000 tpa
aluminium smelter with an associated captive power plant of 1215 MW power plant at Jharsuguda, at a
capital outlay of Rs 9500 crore. Vedanta Resources plc, being the indirect holder of 70.5% of the
equity of VAL has already infused debt to the extent of USD 900 million, in the form of ECB.

VAL has requested SIIL, the Indian promoter company, to provide it with financial assistance in
some form for the project upto not exceeding USD 400 million or equivalent Indian Rupees and SIIL
has agreed to provide VAL with money by investment in the shares of VAL.

The parties have, however, agreed that the Company would initially invest in the securities other
than shares to be converted later into shares of the Company and hence the Company would allot to
SIIL ‘Zero Percent Optionally Fully Convertible Debentures’ (“the Debentures”) for an amount not
exceeding Rs 1200 crore, by adjusting the money paid by SIIL as subscription money towards these
debentures. The borrowing by way of OFCD has been approved by the Board of Directors of the Company
vide resolution passed at the meeting held on 4th June, 2007.

The parties hereby wish to record the terms and conditions of the arrangement and inter alia of the
issue:

1. Amount and Terms of Optionally Fully Convertible Debentures:

The Subscriber agrees to invest in, and subscribe to, the securities of the Company, and the
Company agrees to allot to the Subscriber ‘Zero Percent Optionally Fully Convertible Debentures’ of
Rs 10/- each of the Company, by adjusting the amount paid by the subscriber, for an amount not
exceeding Rs 1200 crore, on the terms and conditions contained herein. The amount payable on the
OFCDs, shall be paid in one or more tranche.

 

 

2. Security :

The Debentures to be issued shall be secured by Pari-passu charge on Company’s land admeasuring
2026.36 square yards equivalent to 1694.26 sq.mtrs, bearing Survey No. 37 situate, lying and being
at Mouje Ishwarpura of Kadi Taluka, District Mehsana in the State of Gujarat 

3. Allotment of Debentures:

i) The Company shall allot OFCD by adjusting the outstanding subscription money, within a period
not exceeding 90 (Ninety) days from the date of receipt of the subscription form/money. In the
event of failure on the part of the company to allot the OFCD’s as aforesaid, it shall pay interest
to the subscriber, at a mutually agreed rate (exclusive of interest tax), on the outstanding
subscription amount.

ii) The company shall issue OFCD Certificate in such lots as may be required by the Subscriber and
shall sub-divide or consolidate, re-materialize or de-materialize the certificates at any time
without payment of any fee.

iii) Pending issuance of OFCD Certificate/s the Company shall issue Letter of Allotment in physical
or demat form as acceptable to the subscriber.

iv) The
documents shall be freely transferable to other Companies in Promoter Group of SIIL by
execution of transfer deed and delivery in physical form or through depository if it is held in
dematerialized form. However, the OFCD’s shall not be a marketable security and shall not be
listed.

4. Redemption Date:

	i)	 	The Company shall redeem OFCD at the end of 5 years or earlier as per the mutually agreed
premium with the subscriber, from the date of allotment if not converted to equity shares
before the maturity date.

	ii)	 	The Company may in suitable circumstances, revise, vary or extend the redemption of OFCD or
the balance outstanding upon such terms and conditions as may be agreed by the Subscriber.

	iii)	 	The record date of the redemption of OFCD shall be the preceding last business day at the end
of five years from the respective dates of allotment.

5. Option to Convert:

i) The either party shall have an option to convert OFCD in part or in full of equity shares of Rs
10/- each or at such premium, as may be mutually agreed, at any time from the date of allotment
either in full or in part before the redemption date .

 

 

ii) Call Option Notice: The either party shall be required to give 7 days clear notice in writing
to the Company for exercise of the Call option. The Company shall however be within its right to
waive the specified period and agree for shorter notice.

6. Conversion Formalities

The Company shall carry out all necessary formalities and obtain all necessary approvals so as to
enable issuance of equity shares on conversion of OFCD’s.

7. Allotment of Equity Shares

The Company shall allot equity shares of the Company in physical or in demat form. The equity
shares shall be subject to the Memorandum and Articles of Association of the Company and shall rank
pari passu with the existing equity shares of the Company, save and except they shall eligible for
dividend pro rata from the respective dates of allotment.

IN WITNESS WHEREOF, the parties have signed the above on 29th day of August, 2007, at Mumbai.

	 	 	 	 	 	 	 	 	 
	For VEDANTA ALUMINIUM LTD. 	 	For STERLITE INDUSTRIES (I) LTD.
	 
	 
	/s/ Virendra Agarwal	 	/s/ P.L. Chockalingam	 	/s/ Sushil Gupta	 	/s/ B. Anand
	(Virendra Agarwal)	 	(P.L. Chockalingam)	 	(Sushil Gupta)	 	(B. Anand)
	Authorised Signatories	 	Authorised Signatories
	 
	 
	Witness:	 	/s/ Girish S. Agarwal	 	/s/ L.N. Tandon
	 	 	Girish S. Agarwal	 	L.N. TandonEX-4.39 Addendum dated March 17, 2008

Exhibit 4.39

Memorandum of Understanding (“MOU”)

This MOU made this 17th day of March Two Thousand and Eight at Mumbai, as an addendum to MOU dated 29th August 2007

between

Vedanta Aluminium Limited a company within the meaning of the Companies Act, 1956 (Act 1 of 1956)
and having its Registered Office at Vedanta, 75, Nehru Road, Vile Parle (E), Mumbai- 400099
(hereinafter referred to as “VAL” or “the Company”) (which expression shall, unless it be repugnant
to the subject or context thereof, include its successors and assigns):

AND

Sterlite Industries (I) Limited, a company within the meaning of the Companies Act, 1956 (Act 1 of
1956) and having its Registered office at SIPCOT Industrial Complex, Madurai by-pass Road, T V
Puram, Tuticorin - 628002 (hereinafter referred to as “SIIL” or “the Subscriber”) (which expression
shall unless it be repugnant to the subject or context thereof, include its successors and
assigns):

To carry out following amendments to the original referred MOU:

1. Deletion of clause:

	 	 	Clause no 4 relating to ’Redemption Date’ shall stands deleted

2. Replacement of existing Clause 5 ‘Option to Convert’ with the following Clause 4:

	 	 	“4. Subscriber’s Option to Convert:
	 
	 	 	i) The subscriber shall have an option to convert ‘the debenture’ in part or in full of
shares at such premium, as may be decided based on the fair value by any Merchant Banker/
any other expert agency in the field, at any time from the date of allotment either in full
or in part. Such option shall be exercised within a period of 5 (five) years from the date
of allotment, unless extended once for an additional period of 5 (five) years solely at the
request of the holder. On the expiry of the said period, or extended period, the debentures
shall be converted to shares as if the subscriber had provided the required notice and
exercised the option to convert.
	 
	 	 	ii) Conversion Notice: The Subscriber shall be required to give 7 days clear notice in
writing to the Company for exercise of the Call option. The Company shall however be within
its right to waive the specified period and agree for shorter notice.”

 

 

3. After deletion of Clause 4 the serial number of subsequent clauses shall be amended and to be
read accordingly.

All other terms and conditions of the MOU dated 29th August 2007 shall remain
unaltered.

IN WITNESS WHEREOF, the parties have signed the above on 17th day of March, 2008, at Mumbai.

	 	 	 	 	 	 	 	 	 
	For VEDANTA ALUMINIUM LTD.	 	 	For STERLITE INDUSTRIES (I) LTD.
	 
	 	 	 	 	 	 	 	 
	/s/ Virendra Agarwal	 	/s/ P.L. Chockalingam	 	/s/ Sushil Gupta	 	/s/ B. Anand
	(Virendra Agarwal)	 	(P.L. Chockalingam)	 	(Sushil Gupta)	 	(B. Anand)
	Authorised Signatories
	 	Authorised Signatories
	 
	 	 	 	 	 	 	 	 
	Witness:

	 	/s/ Girish S. Agarwal	 	/s/ L.N. Tandon
	 
	 	 	 	 
	 
	 	Girish S. Agarwal	 	L.N. Tandon

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