Document:

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                                                                   EXHIBIT 10.23

                      COPPER CONCENTRATE PURCHASE CONTRACT

THIS CONTRACT (CONTRACT NO: CMT-SIIL/2005) entered into at Mumbai this 1st day
of July, 2005

Between

STERLITE INDUSTRIES (INDIA) LIMITED, a Company incorporated under the Companies
Act, 1956 and having its Office at SIPCOT Industrial Complex, Madurai By-Pass
Road, TV Puram Post, Tuticorin, India, hereinafter referred to as "THE BUYER"
(which expression shall, unless repugnant to the context or meaning thereof, be
deemed to mean and include its successors and assigns) of the One Part;

and

COPPER MINES OF TASMANIA PTY LTD, a Company incorporated under the laws of
Australia, and having its Office at Queenstown, Tasmania. 7467, Australia
hereinafter referred to as "THE SELLER" (which expression shall, unless
repugnant to the context or meaning thereof, be deemed to mean and include its
successors and assigns) of the Other Part.

AND WHEREAS the parties are desirous of recording the terms of supply and sale
of Concentrates and have accordingly agreed to execute this contract.

NOW THIS CONTRACT WITNESS AS UNDER: -

1.   DURATION :
The duration of the contract shall be for 4 years from 1st July 2005 to 30th
June 2009 or such earlier or later date as may be provided in this contract.

2.   QUANTITY :
Approx 100,000 - 140,000 WMT per contract year which represents the full
production from the mine.

3.   QUALITY :
Mined sulphide ore flotation clean copper concentrates of Mt Lyell origin
assaying typically as enclosed in Annexure. The concentrate shall be free of
deleterious elements and shall be suitable for ocean transportation in bulk in
accordance with the International Maritime Organisation (IMO) Code. The moisture
content of the concentrate shall be not less than 4%.

MATERIAL REVIEW : The seller shall inform Buyer each year of the expected assay
of copper, gold, silver, iron, mercury, sulphur, arsenic, bismuth, antimony,
chlorine, lead, zinc, nickel, selenium, tellurium, silica, fluorine, alumina,
calcium oxide and magnatite

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

for the concentrates to be delivered in the following contract year. Seller also
shall provide expected minerological and granulometry expected during next
contract year.

NON CONFORMING CONCENTRATES: In case of non conforming concentrates Seller and
Buyer shall mutually discuss to resolve the matter amicably and to agree upon an
appropriate remedy.

4.   TERMS NEGOTIATIONS :

4.1 The terms shall be negotiated for every year. The negotiations shall take
place during mutually acceptable and convenient periods.

During these negotiations the following items will be agreed:

Payable copper and precious metals

Refining charge for Silver and Gold

Quotational Period for all payable metals.

If Buyer and Seller can not agree terms during these negotiations, then if both
parties agree, shipment may continue during first quarter of the following half
year with the intention of reaching an agreement of terms at a time to be
agreed, with the terms agreed to apply from the start of the period. If Buyer
and Seller do not agree on this procedure, then for the half year in question
there will be no deliveries. The negotiation for the following period will take
place according to the usual procedure.

4.2  TREATMENT & REFINING CHARGE FOR COPPER

Treatment Charge & Copper Refining Charge shall be based upon Escondida's /
Freeport's / Collahuasi's / OkTedi's / Batu Hijau's or other similar qualities
respective calendar year settlements under its long term annual frame contracts
with the major Japanese Smelters as quoted in CRU Monitor Copper Raw Materials,
Brook Hunt Copper Metal Service or Bloomsbury Mineral Economics Copper Briefing
Service. Should the settlement be quoted differently by Escondida / Freeport /
Collahuasi / OkTedi / Batu Hijau or other similar qualities or should the
settlement not be quoted by such sources or should the settlements be quoted
differently by any of such sources then Buyer and Seller shall in good faith
exchange information from other relevant sources to determine the settled terms
to be referenced.

4.3  PRICE PARTICIPATION FOR COPPER

FOR YEAR JULY 05 TO JUNE 06

The Copper refining charge shall be increased by US Cents 0.02 per pound of
payable copper for each US Cents 1.00 increase in the applicable copper price
over US Cents 100.0, and shall be decreased by US Cents 0.02 per pound of
payable copper for each US

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

Cents 1.00 decrease in the applicable copper price below US Cents 80.0 (With no
CAP / FLOOR)

FOR YEAR JULY 06 TO JUNE 07

The above copper refining charge shall be increased by US Cents 0.05 per pound
of payable copper for each US Cents 1.00 increase in the applicable copper price
over US Cents 100.0, and shall be decreased by US Cents 0.05 per pound of
payable copper for each US Cents 1.00 decrease in the applicable copper price
below US Cents 80.0 (With no CAP / FLOOR)

FOR YEAR JULY 07 TO JUNE 08 ON WARDS

The above copper refining charge shall be increased by US Cents 0.10 per pound
of payable copper for each US Cents 1.00 increase in the applicable copper price
over US Cents 100.0, and shall be decreased by US Cents 0.10 per pound of
payable copper for each US Cents 1.00 decrease in the applicable copper price
below US Cents 80.0 (With no CAP / FLOOR)

5.   SHIPMENT & SCHEDULING :

The concentrate shall be shipped in lots of approx. 10,000 WMT in every month
during the tenure of this contract. Shipment of different lot size than 10,000
WMT may also be made by Seller depending upon availability of concentrate and/
or ship.

POSTPONEMENT: Due to shut-down or reduced production at the smelter or due to
logistical problems, the Buyer shall have the option to postpone any shipment
prior to its nomination provided that it is possible for the seller or buyer to
re-deliver the cargo to an alternate customer. If it is not possible, then Buyer
will accept the cargo in accordance with the agreed schedule. Any postponement
shall not affect the total quantity to be shipped in that Contract year. The
quotational period shall be correspondingly postponed unless otherwise mutually
agreed.

SHIPPING CODE: The concentrates will be suitable for ocean transportation in
bulk in accordance with the International Maritime Organization (IMO) Code and
any of the regulations in force.

6.   VESSEL CHARACTERISTICS:

Seller shall arrange for single deck bulk carriers or tween-deck vessels,
seaworthy in all respects, with clear holds and hatchways suitable for typical
grab discharge. Vessels shall not have shaft tunnels in the holds nor shall
concentrates be loaded in deep tanks, in twin-decks, in such vessels shall be
suitable for berthing at berths having the characteristics described in Article
9 and shall, unless otherwise agreed, be classed 100 A1 at Lloyds or equivalent
and shall be no more than nineteen years (19) years of age. Vessel's gear shall
be rated for minimum 20 Metric Tonnes capacity. Vessel shall provide power at
the rate

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

of 50 Amps / 440 Volts per hook of the vessel crane for working the grab. The
cargo loaded in any single hold should not exceed 6000 WMT unless agreed at the
time of Vessel nomination.

Seller shall not charter or load concentrates onto vessels from any shipping
company as to which, because of its financial condition, there exists reasonable
grounds for insecurity about the ability of such shipping company to carry out
the normal execution of its shipping obligations, or which might result in the
loss of insurance coverage.

7.   PORT OF DISCHARGE & DELIVERY:

Tuticorin seaport shall be port of discharge. The delivery basis shall be DES FO
(Delivered Ex-Ship Free Out) Tuticorin.

8.   SHIPMENT NOMINATION, CONFIRMATION AND NOTICES :

At the time of vessel nomination of each vessel, seller shall notify Buyer of:

i)   the vessel nominated for transportation of such cargo,
ii)  the expected dates, of arrival and departure of such vessel at and from
     seller's Port of Loading.
iii) the expected tonnage to be lifted by each vessel nominated and
iv)  the dimensions/draft of the vessel.
v)   gear capacity, number of working hatches, number of hooks available and
     other details of the vessel
vi)  estimated time of arrival of the vessel at discharge port.
vii) Port rotation of the vessel.

Seller to obtain acceptance of the nomination of the vessel from the Buyer in
writing with no further delay. If nomination is forwarded prior to 1200 hours
Indian Standard Time, Buyer to confirm acceptance by opening of next Australian
Business day.

FURTHER SHIPMENT CONFIRMATION: Seller shall notify Buyer of tonnage of
concentrates loaded as per the Bill of Lading, the stowage plan, the name of the
vessel and the estimated time arrival at the Port of Discharge no later than
five (5) working days after departure of each vessel from the Port of Loading.
Seller shall also arrange for the master of the vessel to give Buyer suitable
notices of the estimated time of arrival at Tuticorin (the "ETA")

9.   DISCHARGE TERMS :

DOCUMENT TO OBTAIN DELIVERY ORDER :

For getting delivery order Seller shall arrange either of the following.

(1)  Send One original Bill of Lading directly to the L/C opening bank or any
     bank designated by Buyer within 5 working days from the Bill of Lading
     date.

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

(2)  Send One original Bill of Lading directly to Buyer's Smelter address by
     air-courier within 5 working days from the Bill of Lading date.
(3)  Arrange for the delivery order by giving simple LETTER OF INDEMNITY
     directly to the owners as the vessel charterer. The letter of indemnity
     shall be as per owners P&I club format.

NOTICE OF READINESS (NOR):

Notice of Readiness (NOR) shall be tendered to the Buyer or its nominated agent
at the discharging port during office hours when the vessel is ready in all
respects to discharge the cargo, whether in berth or not, whether in free
pratique or not, whether in customs clearance or not. Time taken for vessel to
obtain customs clearance and / or free pratique not to count as laytime.

For the purpose of this, office hours shall mean the hours from 0800 hrs to 1700
for the days Monday through Friday and from 0800 to 1300 on Saturday (Sundays
and Charter Party or other holidays excluded).

DISCHARGING BERTH :

The discharging berth shall be capable of discharging vessels with a maximum LOA
of 180 meters, and a maximum Draft of 10.70 meters. Seller shall ship
Concentrates to Buyer on vessels meeting the characteristics of Buyer's
available berths at Tuticorin and in accordance with Buyer's reasonable
regulations for berthing and discharge. Buyer shall designate one (1) safe
discharging berth at Tuticorin which is suitable for vessels to discharge always
afloat.

RATE OF DISCHARGE :
The Cargo is to be discharged at the average rate of 3000 WMT per Weather
Working Day of 24 running hours; Sunday, Holidays and bad weather periods
excluded unless used (If used half of actual time used to count). Basis is 2
holds/2 hatches and discharge rate to be pro-rata on available holds/hatches. No
concurrent discharge with other cargo however, same to be permitted with
Receivers approval. Laytime only to count against Sellers when their cargo is
being discharged. Time from commencement of laytime to commencement of discharge
of any cargo in Tuticorin is to be prorated between all Charterers basis Bill of
Lading quantity. Sundays and Holidays would mean an effective day beginning at
1700 hours of the previous day till 0800 hours of the day following the Sunday
or Holiday(s). Once a vessel is on demurrage, she is always on demurrage.

LAYTIME:
Laytime for discharge shall commence at 0800 hours the next working day if NOR
is tendered prior to the closing of office hours if discharge has not commenced.
If discharge is commenced sooner, then half the time used is to count as
laytime. If after berthing, vessel is not ready in all respects to discharge,
actual time lost until vessel is ready in all respects to discharge is not to
count as laytime.

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

Shifting time from anchorage to the berth shall not count as laytime. Similarly
time lost in moving on or off a berth or from one berth to another shall not
count as laytime. Each vessel shall open and close hatches and remove and
replace beams at the vessel's risk and expense, and the time used for such
purpose shall not count as laytime.

DEMURRAGE AND DESPATCH :
If each cargo is not discharged from the vessel within the allowed laytime,
demurrage shall be payable by Buyer to Seller calculated per running day of 24
hours (fractions pro rata) as per Charter Party agreement or at the rate of USD
7000 per day, whichever is lower.

Seller shall pay Buyer despatch money for time saved at the port of discharge
calculated per running day of 24 hours (fractions pro rata) at half of the
demurrage rate.

Any payments in respect of Demurrage or Despatch Money owed to Seller or Buyer,
as the case may be shall be made promptly after presentation of calculations and
supporting documents including Time Sheet, Statement of Facts, copy of charter
party agreement.

The demurrage/ despatch costs along with other related costs such as diversion
costs, shall be settled on presentation of separate invoices along with the
necessary supporting documents. A copy of the Charter Party Agreement shall be
made available to the Buyer within fifteen(15) days from the date of Bill of
Lading.

OVERTIME: Any overtime payable for discharging outside normal working hours
shall be paid by the party ordering such overtime except that officer's and
crew's overtime shall always be for owner's account. If overtime is ordered by
the port authorities at the discharge port then such overtime costs to be
Owner's account.

CHARGES NOT TO BUYER'S ACCOUNT :

PORT CHARGES : Seller will hold Buyer free and harmless from all port charges,
harbour dues, pilotage, crew's expense, light dues, and all other charges and
dues customarily paid by a vessel at any Port of Discharge. Seller will ensure
that without cost of Buyer (I) each vessel provides all necessary onboard lights
for vessel for night discharging and (II) hatches are opened and closed and any
beams are removed and replaced at the vessel's risk as necessary for or in
connection with discharging, provided local regulations permit so.

STEVEDORES DAMAGES : Damages caused by stevedores nominated and/or appointed by
Buyer shall be settled directly between the stevedores and the vessel owners.
Buyers and Sellers shall have no responsibility for such damages. However, both
Buyer & Seller shall endeavour to resolve the issue with the Owners. All
stevedores damage affecting sea worthiness of the vessel to be repaired in port
before Vessel's sailing and time shall not count as laytime.

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

10.  INSURANCE:

Seller shall effect maritime insurance with an internationally reputed insurance
company on the following conditions:

INSURED VALUE: The insured value shall be 110% of the DES FO value of the
concentrates as per the invoices for the provisional payment, subject to
adjustment to the 110% of final value, as determined in accordance with this
Contract.

INSURANCE COVERAGE: The insurance shall designate the Buyer or its Trustee(s) as
the primary loss payee(s). Such coverage shall be valid from the point of
loading at the Port of Loading until final destination at the receiving
smelter's warehouse and shall be effective under the terms of the Institute
Cargo Clause (A), average irrespective of percentage, with Revised Insolvency
Exclusion Clause, including the risk of all fire or heating even when caused by
inherent vice or spontaneous combustion and Institute War Clauses and Institute
Strikes, Riots and Civil Commotion Clauses in addition to specific cover on
short-shipment/ short-landing. The insurance policy shall not have any clause
related to shortage in excess of certain percentage and also shall cover for
contamination of the cargo.

CLAIMS: Claims on the supplier as per Clause 15 for total or partial loss and /
or damage / contamination shall be payable based on the value as per the invoice
for the provisional payment subject to later adjustment to the final invoice
value. Such claims shall be also include expenditure, if any, arising from such
loss and/ or damage / contamination. Any claim shall be payable in AU Dollars in
India.

SELLER'S ASSISTANCE: If any concentrates are lost and / or damaged and / or
contaminated, the seller shall upon the request of Buyer, assist in the recovery
of the insurance from the Insurance Company.

11.  PRICE OF THE MATERIAL & PAYABLE :

The price per dry metric ton of Copper Concentrates will be the sum of payments
less deductions as stated below:

COPPER :
The price of copper shall be the LME Grade A Copper settlement quotations as
quoted in Metal Bulletin PLC averaged over the Quotational Period.

SILVER :
The price of silver shall be the London (LBMA) Silver spot (US cents equivalent)
quotations as published in Metal Bulletin PLC averaged over the Quotational
Period.

GOLD :
The price of gold shall be the mean of London A.M/P.M fixing quotations for gold
as quoted in Metal Bulletin PLC averaged over the Quotational Period.

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

PAYABLES :

COPPER :

Shall be determined during terms negotiations.

SILVER :

Shall be determined during terms negotiations.

GOLD :

Shall be determined during terms negotiation.

CONVERSION FROM USD TO AUD

The payment shall be made in Australian dollars and the conversion rate of USD
to AUD shall be mutually discussed and agreed during every shipment.

12.  DEDUCTIONS :

(i)  TREATMENT CHARGE :

As mentioned in clause 4.2.

(ii) REFINING CHARGE :

COPPER : As mentioned in clause 4.2.
SILVER : Shall be determined during terms negotiation.
GOLD   : Shall be determined during terms negotiation.

13.  QUOTATIONAL PERIOD :

Shall be determined during terms negotiation.

14.  PAYMENT :

Payment shall be effected in Australian Dollar under an irrevocable Letter of
Credit. At least 3 weeks prior to the estimated time of arrival of the vessel at
the load port, Seller shall submit to Buyer a proforma invoice that shall state
the estimated value of the shipment based on:

Expected dry metric tons to be shipped
Estimated metal assays of material to be shipped
The average of the daily quotations for copper, silver and gold for the calendar
week prior to the date of proforma invoice.

At least fifteen (15) days prior to the estimated time of arrival of the vessel
at the load port as advised by Seller to Buyer, Buyer shall establish and
deliver to seller an irrevocable

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

Letter of Credit in an amount not less than 100% of the value of the proforma
invoice submitted by Seller.

Said letter of credit shall be :

(a)  Irrevocable
(b)  Opened, on a First Class bank in India without confirmation, which if
     required, shall be to seller's account.
(c)  Payable at sight upon presentation of seller's drafts and required
     documents as hereinafter set forth.
(d)  Valid for such period as shall be necessary to effect provisional and final
     payment. Should the presentation of any of the drafts or documents under
     the terms of the contract be delayed due to the fault of the beneficiary
     thereby necessitating the extension of the L/C beyond the stipulated period
     of 6 months from the date of L/C whichever is later, then the L/C
     revalidating cost shall be entirely to the beneficiary's account. All
     additional bank charges, if any, on account of acceptance by the applicant
     of discrepant documents submitted by the beneficiary, shall be to
     beneficiary's account. In case of delays caused by umpire this clause shall
     not apply.

L/C CHARGES :

L/C Opening Charges shall be to the Buyer's Account. L/C Advising Charges and
Confirmation Charges (if required) shall be to Seller's account. Amendment
Charges if any shall be to the account of the party whose fault it is that has
necessitated the amendment.

PROVISIONAL INVOICE :

A provisional payment of 100% provisional invoice value shall be made upon
presentation of the following documents :

(a)  Seller's provisional invoice based on seller's weights and assays, and the
     quotations of the last 10 working days prior to Bill of Lading date.
(b)  Full set (or 2/3 as the case may be), of negotiable clean onboard shipping
     or charter party Bills of Lading marked "Freight Prepaid" or "Freight
     payable as per Charter Party" and consigned To Order and blank endorsed
     with Notify Party as Applicant.
(c)  Seller's weight certificate showing dry weight in DMT, wet weight in WMT
     and moisture content.
(d)  Provisional assay certificate of Seller showing copper, silver and gold
     content.
(e)  Certificate of Origin
(f)  Insurance policy or certificate
(g)  Certificate of Quality (Moisture content) and Quantity issued by mine at
     the port of loading.
(h)  Certificate from vessel owners/agents regarding the age and classification
     of the vessel.
(i)  Fax copy of Notice of readiness (NOR) issued at receiving port.

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

Payment shall be made on or within 3 (three) working days from the date of NOR
tendered upon presentation of the above documents. Final payment shall be made
following provisional payment based upon final dry weight delivered and recorded
at the Buyer's smelter and assay results based on the samples taken at the
Buyer's smelter and metal quotations for the entire Quotational Period.

Final payment shall be made within two days of the presentation of the final
invoice through the letter of credit, if Seller is to receive payment. In case
payment is to be remitted to Buyer, the same shall be made within 2 (two)
working days after final invoice details are known.

Letter of credit shall be operative and subject to the "Uniform Customs and
Practices for Documentary Credits (1993 Revision, ICC Publication No 500)"

Final payment shall be made upon presentation by the seller of the following
documents:

(a)  Seller's final invoice in quadruplicate
(b)  Seller's certificate of final weight showing dry weight and moisture
     content
(c)  Seller's certificate of final assay showing copper. Gold and silver
     content.
(d)  Buyers fax to seller confirming the final value and that any residual
     balance under the letter of credit may be drawn by Seller.

In case the final payment is due to Seller and exceeds the remaining amount
available in the Letter of Credit Seller shall be allowed to draw the maximum
amount available in the Letter of Credit while said Letter of Credit is being
amended for the appropriate increase in amount. Once the Letter of Credit has
been amended, Seller shall again draw against this Letter of Credit to complete
final payment.

In case the final payment is due to Buyer, Seller shall reimburse Buyer
immediately to Buyer's designated bank account.

Buyer agrees to amend the Letter of Credit to increase the amount thereof or
extend the period of validity and to make other appropriate modifications if
necessary to provide for payment in full of the amounts which may become due in
respect of shipments of concentrates hereunder.

15.  TOTAL AND PARTIAL LOSS / DAMAGE :

A)   TOTAL LOSS :

In case of Total Loss, Buyer is not liable to make payment of any nature for the
cargo undelivered.

B)   TOTAL DAMAGE :

In case of Total Damage wherein the entire cargo is deemed to be unsuitable for
use, determination of the same shall be done from the samples taken for moisture

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

determination and sampling in the presence of Buyer, Seller, Insurance Surveyor,
or their authorised representatives. Buyer is not liable to make payment of any
nature for the cargo so delivered. In case 100% of provisional invoice value has
already been drawn, the entire paid value shall be claimed by the Buyer, by
raising a Debit Note for the same. This shall be refunded by the Seller within 5
bank working days from the date of Buyer's debit note being faxed to Seller.

PARTIAL LOSS :
In case of Partial Loss, Buyer shall pay for the quantity actually received at
the Tuticorin Smelter, as per all the provisions contained herein. Payment shall
be made for 100% of the provisional invoice value after adjusting for the full
value of the quantity lost. The value of the quantity lost should be established
from the provisional invoice value by prorating.

In case 100% of provisional invoice value has already been drawn, the difference
between drawn value and provisional payable value shall be claimed by the Buyer,
by raising a Debit Note for the same. This shall be refunded by the Seller
within 5 bank working days from the date of Buyer's debit note being faxed to
Seller.

The final payment will be the difference between final invoice value (based on
actually received weight) and the provisional paid value, as described above.

PARTIAL DAMAGE :
In case of Partial Damage, wherein part of the cargo is deemed to be unsuitable
for use, determination of the same shall be done from samples taken for moisture
determination and sampling in the presence of Buyer, Seller, Insurance Surveyor,
or their authorised representatives. Buyer shall pay for the quantity actually
received at the smelter in usable condition as per the provisions contained
herein. Payment shall be made for 100% of the provisional invoice value after
adjusting for the full value of the quantity damaged. The value of the quantity
damaged should be established from the provisional invoice value by prorating.

In case 100% of provisional invoice value has already been drawn, the difference
between drawn value and provisional payable value shall be claimed by the Buyer,
by raising a Debit Note for the same. This shall be refunded by the Seller
within 5 bank working days from the date of Buyer's debit note being faxed to
Seller.

The final payment will be the difference between final invoice value (based on
actually received weight) and the provisional paid value, as described above.

16.  WEIGHING, SAMPLING AND MOISTURE DETERMINATION :

Weighing, sampling, sample preparation and determination of moisture content of
concentrates shall be conducted by Buyer or Independent approved surveyor
promptly after receipt of concentrates. All weighing, lotting, sampling, sample
preparation and determination of moisture content of concentrates shall be done
in accordance with International standards, which shall be mutually agreed upon
by the parties. Seller at its

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

sole expense, shall have right to be present or be represented at the weighing,
sampling, sample preparation and moisture determination operations. Failure to
be present or to be represented at any weighing, sampling, sample preparation
and moisture determination operations shall be deemed to be a waiver of the
right in that particular instance only.

SAMPLE LOT : A sample lot of concentrates shall be approximately 500 WMT.
Weighing and sampling shall be done contemporaneously at the receiving Smelter.

SAMPLE SPLITS:

From each sample lot concentrates Buyer shall prepare a sample which shall be
divided into eight sealed sample splits for purpose of copper, silver and gold
assays. The sample distribution is as follows:

2 sets for Buyer
2 sets for Seller
2 sets for eventual umpire purposes, which shall be retained by Buyer
2 sets for reserve purposes, which shall be retained by Buyer and shall be used
if other samples are lost.

Weight determination for the purposes of final settlement shall be the receiving
smelter's received dry weight as established by the procedures explained above.

Buyer shall immediately upon determination of weight and moisture telex/telefax
the wet weight, dry weight and moisture contents to Seller.

Any difference of opinion regarding WSMD procedures shall be reviewed by mutual
agreement of Seller and Buyer.

17.  ASSAYS :

From the samples taken Buyer and Seller shall each make their own assays results
which shall be exchanged in the customary or mutually agreed manner no later
than seventy five (75) days from the date of the weight certificate at the
smelter pursuant to the shipment. All assays (including any umpire assays) shall
show copper content to the nearest 1/100 of one percent, gold content to the
nearest 1/10 of a gram per dry metric ton, and silver content to the nearest one
gram per dry metric ton, respectively. All assays for precious metals shall be
undertaken using the fire assaying technique and shall be adjusted for
cupellation losses. All assays for precious metals will be based on a mutually
agreed practice & subject to review from time to time. The average of Buyer's
and Seller's assays shall govern settlement unless the following splitting
limits if applicable, are exceeded: Copper 0.25 percent, Silver 10 grams per DMT
and Gold 0.30 grams per DMT. Reference to an Umpire shall be mutual agreement
from an agreed list given below. The umpires in the list may be changed from
time to time by mutual agreement.

The arithmetic mean of the umpire assay and the nearest assay shall be final for
settlement.

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CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

The cost of the umpire assay shall be for the account of the party whose assay
is farthest from the umpire assay. If the umpire assay is the exact mean of the
Buyer's and Seller's assays the cost of the umpire shall be divided equally.

THE UMPIRE LIST

Alfered H. Knight International Ltd.
Eccleston Grange,
Prescot Road,
St. Helens,
Merseyside WA10 3 BQ
England.

Or

Inspectorate Griffith Ltd,
Perry Road,
Witham,
Essex CM8 3TU.
England.

Or

Alex Stewart (Assayers) Ltd.,
Caddick Road,
Knowsley Insutrial Estatc,
Knowsley,
Merseyside L34 9ER
England.

18.  TAXES, DUTIES, CHARGES AND COMMISSIONS :

The seller shall pay all taxes duties and charges presently imposed and /or
which may be imposed in the future by the country of origin with respect to the
material under this contract.

The Buyer shall pay all similar taxes, duties and charges (including, but not
limited to import duties) presently imposed and/ or which may be imposed in the
country of destination with respect to the material under this Contract.

It is Buyer's responsibility to obtain and maintain any necessary import
licenses in a timely manner prior to opening the L/C.

19.  TITLE AND RISK :

Title passes from Seller to Buyer upon payment of the provisional invoice value.

                                       13

<PAGE>

CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

Risk passes from Seller to Buyer upon opening of the hatches of the carrying
vessel at Tuticorin, India.

20.  FORCE MAJEURE

For the purpose of this clause, Force Majeure shall mean any cause whatsoever
beyond the control of a party hereto, including (but without limiting the
generality of the fore going): lack of rail road facilities, act of god, perils
of the sea, adverse weather conditions, explosion, war (declared or undeclared),
military operations, blockade, revolution, disturbance, requests or orders or
action by any government or governmental or civil or military authority,
embargo, fire, accident, ice conditions, strikes, lockouts or mob violence,
unscheduled cessation of operation at producing works or receiving smelter or
load port or discharging port.

In the event of Force Majeure, delivery or acceptance of delivery under this
contract shall be suspended, provided that the party invoking Force Majeure
("affected party")has given prompt written notice to the other party specifying
the event of Force Majeure and its presumed impact, and has submitted
appropriate evidence, for instance by the producing mine, a governmental or
other authority, if the other party has requested such evidence.

In respect of the Seller's obligation to deliver and Buyer's application to
receive material, should any of the foregoing circumstances occur, the time for
performance of the affected obligations shall be extended during the period of
such hindrance or delay upto a maximum of 60 days. If such period exceeds 60
days, the party not affected shall have the right to cancel the corresponding
tonnage. If such a period of Force Majeure exceeds 180 days, both parties shall
have the right to cancel the quantity so affected by the Force Majeure.

Except by Seller's written agreement, this entire Force Majeure clause shall not
apply for any material for which pricing has been established or vessel's space
has been accepted or quotational period is running.

21.  SUCCESSION AND ASSIGNMENT:

This Contract and all its provisions shall be binding upon and inure to the
benefit of the successors and assigns of the respective parties hereto.

Neither party may assign its rights and obligations under this Contract without
the prior consent in writing of the other party, which consent shall not be
unreasonably withheld.

22.  DEFAULT :

If either party claims that the other is in default with respect to any of the
provisions of this Contract, the party so claiming shall give written notice to
the party alleged to be in default, designating such claimed default. Within 10
days after its receipt of such notice, the party alleged to be in default may
either

                                       14

<PAGE>

CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

a)   cure such default or
b)   give the other party notice that the party alleged to be in default denies
     that such default has occurred. In the event an default is denied by a
     party, said party shall not be deemed in default hereof unless and until
     said party is found by a final non-appealable arbitral or judicial
     decision, as the case may be, to be in default and fails to cure it within
     10 days after rendition of such final decision.

WAIVER OF DEFAULTS : The failure of either party hereto, to require in any one
or more instance strict performance of any of the provisions of this Contract,
or a waiver by either party at any time of its rights with respect to a default
under this Contract by the other party hereto. Or an election not to take
advantage of any of its rights hereunder shall not be deemed a waiver of any
such rights. No delay in asserting or enforcing any right thereunder shall be
deemed a waiver of or limitation on such right provided, however, that this
Article shall not operate as a waiver of any applicable statute of limitations.

23.  SCOPE OF DAMAGES :

No party to this contract shall be liable to any other party to this Contract
for special, incidental or consequential damages in any action or proceeding
relating to the performance or failure to perform this Contract or any
provisions hereof, or relating to any act of failure to act in respect of this
Contract.

24.  ARBITRATION :

Any dispute or claim arising out of this Contract shall be settled by
arbitration in London, United Kingdom, in accordance with the rules of
conciliation and arbitration of the London Metal Exchange in effect on the date
thereof. The arbitration shall be conducted in the English language by an
arbitral tribunal consisting of three arbitrators. Any decision or award shall
be final and binding on both Buyer and Seller. Arbitration Tribunal shall state
in its award the facts of the case and the reasons for its decision. Judgment
upon the award may be entered in any court having jurisdiction. The parties
shall comply in good faith with the decision.

All costs of arbitration, including without limitation, witness fees, legal fees
and expenses shall always be borne by the parties incurring such costs. The
costs of the arbitrators shall be borne equally by the parties unless awarded by
the decisions of the arbitrators.

25.  CHOICE OF LAW :

The laws of United Kingdom shall govern the validity interpretation and
performance of this contract and all rights and remedies of the parties.

26.  DEFINITIONS :

The following terms shall have the following meanings when used in this
contract:

                                       15

<PAGE>

CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

A)   Metric ton or mt means 2,204.62 pounds avoirdupois, natural state
B)   Dry metric ton or DMT means 2,204.62 pounds avoirdupois, dry state
C)   U.S Dollars and Cents means the lawful currency of the United States of
     America
D)   A Troy Ounce Equals 31.1035 grams
E)   A Gram equals 1/1000 of a kilogram
F)   A Calendar month refers to a named month in the Gregorian Calendar
G)   Metal Bulletin refers to the publication known as "METAL BULLETIN" which is
     published twice a week in London by Metal Bulletin PLC.
H)   Date of Arrival means the date on which the vessel arrives at the port of
     discharge and tenders Notice of Readiness as recorded in the statement of
     facts.
I)   Business Day means any day other then Saturday, Sunday or a bank or public
     holiday.
J)   Concentrates means sulphide ore flotation copper concentrates tendered by
     the seller and consumed by the smelter.
K)   Contract year means 12 full months beginning with the month of the first
     day when this Contract comes into force.
L)   PPM means parts per million.
M)   Scheduled Month of shipment means with reference to each cargo of
     concentrates, the calendar month set forth in the shipping schedule given
     by seller to Buyer quarterly
N)   Expected Month of Arrival means with reference to each cargo of
     concentrates, the calendar month of arrival of the vessel at discharge port
     based on the estimated arrival at discharge port after the loading of the
     vessel.
O)   Actual Month of Arrival or Month of Arrival means with reference to each
     cargo of concentrates, the calendar month of arrival of the vessel at
     discharge port based on the Notice of readiness tendered and accepted at
     discharge port.
P)   LME Grade A Price means the cash settlement price for grade A copper
     cathode as published in Metal Bulletin in US Dollars.
Q)   Unit means 1 percent of the weight of Total net dry material.
R)   Weather Working Day means a period of 24 consecutive hours during which
     weather conditions permit the unloading of the concentrates from on board
     vessel at the port of discharge.
S)   DES FO : Means Delivered Ex Ship Free Out as per Incoterms 2000
T)   AU Dollars means lawful currency of Australia

27.  ENTIRE CONTRACT :

This contract along with the Addenda agreed to and signed from time to time by
both parties to the Contract shall set forth the entire understanding of the
parties with respect to the subject matter hereof. Neither this Contract taken
together with its Addenda nor any provision hereof can be waived, changed,
discharged or terminated except by an instrument in writing by the party against
which the enforcement of any waiver, change, discharge or termination is sought.

                                       16

<PAGE>

CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

28.  COUNTERPARTS:

This Contract may be executed in any number of counterparts and shall become
effective when executed by Seller and by Buyer. Each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same Contract.

29.  HEADINGS :

The headings of the respective Articles, Sections and Subsections of this
Contract are inserted for convenience of reference only and shall not be deemed
to be a part of this Contract or considered in constructing this Contract.

30.  NOTICES :

Any notice permitted or required to be given under this Contract shall be
validly given in writing and sent by telex, facsimile, prepaid registered first
class mail, cable or delivered by hand to the party to which the notice is
directed at the address set out in the opening paragraph of this Contract, or,
in either case, such other address as may be notified by the relevant party to
the other. Any such notice shall be deemed to have been given 24 (twenty four)
hours of dispatch (if by telex, facsimile or cable), 3 (three) days after
posting (if by mail) or at the time of delivery (if by hand). Notices shall be
addressed as follows:

THE SELLER:

COPPER MINES OF TASMANIA PTY LTD.,
LOCKED BAG 1, QUEENSTOWN,
TASMANIA-7467, AUSTRALIA.

Kind Atten    : Mr. Anupam Jindal
Telephone     : 0061-3-64714117
Fax           : 0061-3-64711916
E-Mail        : anupam@cmt.com.au

THE BUYER:

STERLITE INDUSTRIES (INDIA) LTD.,
SIPCOT INDUSTRIAL COMPLEX
MADURAI BYPASS ROAD
TUTICORIN-628 002
TAMILNADU, INDIA.

Kind Atten: Mr. C. Murugeswaran
Telephone : 0091 461 2340591 TO 2340595,2340145
Fax       : 0091 461 2340203, 2340129, 2340036
E-Mail    : c.murugeswaran@vedanta.co.in

                                       17

<PAGE>

CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

FOR BUYER                                FOR SELLER

STERLITE INDUSTRIES (INDIA) LIMITED      COPPER MINES OF TASMANIA PTY LTD.

  /s/  R. Kishore Kumar                         /s/  Anupam Jindal
-------------------------------------          -----------------------------
Name    : R. Kishore Kumar               Name  : Anupam Jindal
Title   : Vice president (Marketing)     Title : Finance Manager

WITNESS:

  /s/  Puneet Jagatramka                        /s/  Jaya Pannala
-------------------------------------          -----------------------------
Name   : Puneet Jagatramka               Name  : Jaya Pannala
Title  : GM - Copper Concentrate         Title : Financial Management Accountant

                                       18

<PAGE>

CONTRACT NO: CMT-SIIL/2005                      STERLITE INDUSTRIES (INDIA) LTD.

ANNEXURE

MT. LYELL COPPER CONCENTRATE SPECIFICATIONS

<Table>
<Caption>

       CONTENT             UOM             RANGE
       -------             ---           ---------
<S>                        <C>           <C>
          Cu                %            27.5-30.0
          Fe                %            28.0-32.0
         SiO(2)             %             2.5-4.2
          Ca               ppm            700-1100
          S                 %            33.5-37.0
          As               PPM           45.0-80.0
          Bi               PPM           10.0-14.0
          Cd               PPM           10.0-40.0
          Co               PPM            150-240
          Cr               PPM            2.0-6.0
          Mg               PPM           1300-2000
          Mo               PPM            150-250
          Ni               PPM             15-35
          Pb                %             0.1-0.3
          Sb               PPM            3.5-10.0
          Te               PPM            2.5-4.0
          Zn               PPM            0.3-1.0
          Ag               PPM             32-40
          Au               PPM            4.4-5.6
         F -               PPM            200-400
          Cl               PPM            200-300
   Acid Insolubles          %             3.5-6.0
      Al(2) (O3)            %             0.9-1.3
</Table>

                                       19<PAGE>

                                                                   EXHIBIT 10.24

                     AGREEMENT FOR SALE AND PURCHASE OF THE

                       POWER TRANSMISSION LINE DIVISION

                                    BETWEEN

                      STERLITE INDUSTRIES (INDIA) LIMITED

                                      AND

                     STERLITE OPTICAL TECHNOLOGIES LIMITED

--------------------------------------------------------------------------------
                        AGREEMENT FOR SALE AND PURCHASE
--------------------------------------------------------------------------------

                                       1
<PAGE>
THIS AGREEMENT is made and entered into this 30th day of August, 2006 at Mumbai
by and between:

STERLITE INDUSTRIES (INDIA) LIMITED, a company within the meaning of the
Companies Act, 1956, having its registered office at B-10/4, Waluj M.I.D.C
Industrial Area, Waluj, District Aurangabad 431133 and a corporate office at
Vedanta, 75 Nehru Road, Vile Parle (E), Mumbai 400 099 (hereinafter referred to
as "VENDOR", which expression shall, unless contrary to the context or meaning
thereof, be deemed to include its successors and permitted assigns) on the one
hand;

                                       2
<PAGE>
And

STERLITE OPTICAL TECHNOLOGIES LIMITED, a company within the meaning of the
Companies Act, 1956, having its registered office at E-1, MIDC Waluj, Aurangabad
431136 (hereinafter referred to as "PURCHASER", which expression shall, unless
contrary to the context or meaning thereof, be deemed to include its successors
and permitted assigns) on the other hand.

Vendor and Purchaser are hereinafter individually referred to as a "PARTY" and
collectively as "PARTIES".

WHEREAS:

1.   The Vendor, a flagship company of the Sterlite Group, is principally in
     copper smelting and refining business. The product portfolio of the Vendor
     consists of copper rods, copper cathode, power transmission line aluminium
     conductors, phosphoric acid and sulphuric acid.

2.   The Power Transmission Line Division of the Vendor is engaged in the
     manufacture of power transmission line aluminium conductors, having two
     units, one located in Rakholi at Silvassa and the second one at Karanjwane,
     near Pune.

3.   The Vendor is desirous to divest the Power Transmission Line Division as a
     going concern.

4.   The Purchaser is one of the leading developers and manufacturers of Optical
     Fibers and Fibers Optical Cables worldwide. It is the India's only fully
     integrated Optical Fiber producer and an Indian market leader with over 60%
     share in Optical Fiber products.

5.   The Purchaser is desirous of acquiring the Power Transmission Line Division
     (defined hereinafter) of the Vendor as a going concern.

                                       3
<PAGE>
6.   The Vendor has represented to the Purchaser that it is competent to sell
     the said Power Transmission Line Division "as a going concern" to the
     Purchaser.

7.   The Vendor vide its Board Resolution dated 21ST AUGUST 2006 has agreed to
     transfer and sell and the Purchaser has vide its Board Resolution dated
     21ST AUGUST 2006 has agreed to purchase and acquire the Power Transmission
     Line Division of the Vendor together with its assets, debts and liabilities
     as a going concern on "as is where is basis", with effect from the
     Appointed Date for a consideration and on the terms and conditions
     hereinafter set out.

NOW, THIS AGREEMENT WITNESSESTH AND IT IS HEREBY AGREED BY AND BETWEEN THE
PARTIES HERETO AS FOLLOWS:

1.   DEFINITIONS AND INTERPRETATION

     DEFINITIONS
     In this Agreement, the following expressions shall, unless the context
     otherwise requires, have the following meanings:

     'ACT' shall mean the Companies Act, 1956 or any statutory modification or
     amendment or re-enactment thereof for the time being in force.

     'AGREEMENT' shall mean this Agreement for Sale and Purchase of the Power
     Transmission Line Division.

     'APPOINTED DATE' shall mean 1st day of July, 2006 or such other date as may
     be mutually agreed by the Vendor and the Purchaser.

     'BUSINESS RECORDS' shall mean in relation to the Power Transmission Line
     Division of the Vendor:

     a)   Originals of all documents of title or other evidence of ownership in
          relation to the Business; and

     b)   All books and records maintained solely in relation to the Business.

                                       4
<PAGE>
        'CLOSING' shall mean the consummation of the transactions contemplated
        by this Agreement in accordance with the provisions of Clause 6 of this
        Agreement.

        'CLOSING DATE' shall mean the date on which the Closing is achieved
        which shall not be later than 21 (twenty one) days from the date of the
        Vendor fulfilling the Conditions Precedent to Closing in accordance with
        the provisions of Clause 5 of this Agreement.

        'CONFIDENTIAL INFORMATION' shall mean the know-how, trade secrets,
        technical processes, intellectual property, information relating to
        products, finances, contractual arrangements with customers or suppliers
        and other information relating to the Power Transmission Line Division
        which by its nature, or by the circumstances of its disclosure to the
        holder of the information, is or could reasonably be expected to be
        regarded as confidential.

1.1.8   'CONSIDERATION' shall mean the purchase price being a lump sum amount,
        agreed for the sale of the Power Transmission Line Division, as a going
        concern including its all assets and liabilities, to be discharged by
        the Purchaser to the Vendor in accordance with Clause 3 of this
        Agreement.

1.1.9   'EMPLOYEES' shall mean the permanent employees of the Vendor who are
        currently engaged in the Power Transmission Line Division and are
        employed with the Vendor as on the Appointed Date.

1.1.10  'POWER TRANSMISSION LINE DIVISION' or 'THE BUSINESS' shall mean the
        entire undertaking of the Vendor pertaining to the Power Transmission
        Line Division both at Rakholi, Silvassa and at Karanjwane, Pune, which
        is engaged in the manufacturing of power transmission line aluminium
        conductors, including in particular all the assets and liabilities of
        the Power Transmission Line Division existing as on the Appointed Date.

        Without prejudice to the generality of the above, the Power Transmission
        Line Division shall include:

                                    5
<PAGE>
        (a) all the assets and properties, whether tangible or intangible, of
            the Power Transmission Line Division, including but without being
            limited to deposits, all stocks, investments, cash balances with
            banks, contingent rights or benefits, receivables, earnest moneys,
            advances or deposits paid by Vendor relating to the Power
            Transmission Line Division, benefit of any security arrangements or
            under any guarantees including bank guarantee facilities,
            reversions, powers, authorities, allotments, approvals, permits and
            consents, quotas, rights, technical know-how including technical
            manuals, standard procedures, technical information such as
            inventories formulae process, engineering and manufacturing skill,
            scientific data, calculations, specifications, drawings, standards,
            sketches and all other relevant information and knowledge,
            entitlements, contracts, software and other licenses, municipal
            permissions, licenses, permits, approvals, authorizations, rights to
            use and avail of telephones, telexes, facsimile, email, internet,
            leased line connections and installations, utilities, electricity
            and other services, reserves, provisions, funds, all records,
            files, papers, computer programmes, manuals, data, catalogues, sales
            and advertising materials, benefits of assets or other interest held
            in trust, registrations, contracts, engagements, arrangements of all
            kind, privileges and all other rights including sales tax deferrals,
            title, interests, other benefits (including tax benefits),
            privileges, liberties and advantages of whatsoever nature and
            wherever situate belonging to or in the ownership, power or
            possession and in the control of or vested in or granted in favour
            of or enjoyed by the Vendor in connection with or relating to Power
            Transmission Line Division and all other interests of whatsoever
            nature belonging to or in the ownership, power, possession or the
            control of or vested in or granted in favour of or held for the
            benefit of or enjoyed by the Vendor, whether in India or abroad in
            connection with or relating to Power Transmission Line Division,
            more specifically provided for in SCHEDULE I hereto. List of Plant
            and Machinery used for production being specifically provided for in
            SCHEDULE II.

        (b) all liabilities and obligations of the Vendor on the Closing Date
            which pertain to the Power Transmission Line Division, including all
            secured and unsecured debts (whether in Indian Rupees or foreign
            currency), liabilities (including contingent liabilities),
            litigations and arbitral and other proceedings in respect of the
            Power Transmission Line Division, duties and taxes

                                       6
<PAGE>
            including relating to excise, sales tax, ESI, provident fund and all
            statutory dues and undertakings and obligations of the Vendor
            relating to the Power Transmission Line Division, more specifically
            provided for in SCHEDULE III hereto.

1.1.11  'SIGNING DATE' shall mean the date of signing of this Agreement.

1.1.12  All other capitalized terms used in this Agreement but not defined in
        this clause shall have the meaning given for them in the preamble or
        recitals to this Agreement or wherever such terms first appear in this
        Agreement.

1.2     INTERPRETATION

        HEADINGS: headings are for convenience only and shall not affect
        interpretation of this Agreement.

        PLURAL IN SINGULAR: words importing the singular number shall include
        the plural and vice versa.

        VARIED DOCUMENT: a reference to this Agreement or another instrument
        includes any variation, novation or replacement thereof.

        CLAUSES, SCHEDULES ETC.: references to clauses and schedules are
        references to clauses and schedules of this Agreement and any schedules
        referred to, form part of this Agreement.

        OBLIGATIONS: any obligation to not do something shall be deemed to
        include an obligation not to suffer, permit or cause that thing to be
        done. An obligation to do something shall be deemed to include an
        obligation to cause that thing to be done.

        RIGHTS: a right conferred by this Agreement to do any act or thing shall
        be capable of being exercised from time to time.

                                       7
<PAGE>
        STATUTES AND REGULATIONS: references to a statute include references to
        regulations, orders, notices, or codes of practice made under or
        pursuant to such statute, and references to a statute or regulation
        include references to all amendments to that statute or regulation
        (whether by subsequent statute or otherwise) and references to a statute
        or regulation passed in substitution for that statute or regulation.

1.2.8   PARTY: References to a Party are to a party of this Agreement and
        include that Party's successors in title and permitted assigns.

        CURRENCY: unless otherwise stated, all amounts referred to in this
        Agreement are denominated in Indian Rupees ("Rs.").

2       SALE AND PURCHASE OF THE BUSINESS

2.1     Subject to the terms and conditions set forth in this Agreement, such
        other approvals/ consents, as maybe required and/ or as contained in the
        provisions of this Agreement, the Vendor agrees to sell and transfer to
        the Purchaser and the Purchaser agrees to purchase and acquire from the
        Vendor, the Power Transmission Line Division, as a going concern with
        effect from the Appointed Date, subject to existing encumbrances and
        charges.

3       CONSIDERATION

        The Purchaser shall discharge and satisfy the Consideration by payment
        to the Vendor a sum of Rs. 148,51,00,000/- (Rupees One Forty Eight
        Crores Fifty One Lacs only) as the entire lump sum consideration for the
        purchase of the Business as a going concern.

3.2     The Purchaser shall pay an earnest money of Rs. 50,000,000/- (Rupees
        Five Crores only) to the Vendor within seven days of signing the
        Agreement.

                                       8
<PAGE>
3.3     The Purchaser shall discharge the balance Consideration on the Closing
        Date or such other extended time frame as may be approved by the Board
        of Directors of both the companies.

4       CONDUCT OF BUSINESS BY THE VENDOR

4.1     On and from the Signing Date and till the Closing Date, the Vendor shall

        a)  carry on and be deemed to have been carrying on the Business and
            shall stand possessed of and hold all of the properties and assets
            of the Business for and on account of and in trust for the
            Purchaser.

        b)  carry on the Business with reasonable diligence and in the same
            manner as it had been doing hithertofore, and shall not alter or
            expand the Business except with the concurrence of the Purchaser.

        c)  not, without the written concurrence of the Purchaser, alienate,
            charge or create any encumbrance over any of the assets or
            properties of the Business, or destroy, impair, extinguish, waive or
            relinquish any of them, except in the ordinary course of business or
            pursuant to any pre-existing obligation.

        d)  not vary or alter, except in the ordinary course of its business and
            consistent with the past practice, the terms and conditions of
            employment of any of the Employees in relation to the Business
            except with the concurrence of the Purchaser.

        e)  do all acts and execute all documents to facilitate and enable the
            achievement of Closing, including in relation to the transfer of
            Employees of the Business to the Purchaser.

                                       9
<PAGE>
4.2     All the profits/ income accruing or arising to the Vendor from the
        Business or losses/ expenditure incurred by the Vendor for the Business
        on and from the Appointed Date and till the Closing Date shall for all
        purposes and intents be treated and be deemed to be profits/ income or
        losses/ expenditure of the Purchaser.

5       CONDITIONS PRECEDENT TO CLOSING

5.1     As a condition precedent to the Closing:

        a)  The Vendor shall obtain approvals/ permissions from any government
            or regulatory authority, if required.

        b)  The Vendor undertakes to obtain consent of the Shareholders of the
            Vendor by way of a resolution under section 293(1)(a) of the Act.

        c)  The Purchaser shall obtain approvals/ permissions from any
            government or regulatory authority, if required, in order to enable
            it to commence the Business in its own name.

        d)  The Vendor shall obtain a release of all encumbrances and charges,
            if any, subsisting on the assets comprised in the Power Transmission
            Line Division or a consent letter from the charge holders to
            transfer the Power Transmission Line Division to the Purchaser.

6       CLOSING

6.1     General

        Closing shall take place on the Closing Date and will take place at the
        office of the Vendor or at such other place as has been mutually agreed
        to between the Parties hereto.

                                       10

<PAGE>
6.2  Closing Deliverables

     The Business shall be deemed to be transferred by the Vendor as a going
     concern on the Closing Date and consequently the Vendor shall deliver to
     the Purchaser the following (hereinafter referred to collectively as the
     "Closing Deliveries"):

     a)   The movable assets of the Business, including but not limited to, the
          plant and machinery, inventories, cash balances, tools, equipments,
          vehicles and other articles and effects shall be handed over on the
          Closing Date to the end and intent that the property therein passes on
          to the Purchaser on such delivery/ possession.

     b)   In respect of other movable assets [other than those specified in
          clause 6.2(a) above] including sundry debtors, outstanding loans and
          advances recoverable in cash or in kind or for value to be received,
          bank balance and deposits or any other claim or award that may accrue
          in future, the following modus operandi shall be followed:

               The Vendor shall, if required by the Purchaser, give notice in
               such form as it may deem fit and proper to each party, debtor or
               depositee, as the case maybe, that pursuant to the purchase of
               the Business as a going concern on "as is where is basis" by the
               Purchaser, the said debt, loan, advance etc be paid or made good
               or held on account of the Purchaser, as the person entitled
               thereto to the end and intent that the right of the Vendor to
               recover or realize the same stands extinguished and that
               appropriate entry should be passed in their respective books to
               record the aforesaid change.

          ii.  The Purchaser, if required, shall also give notice in such form
               as it may deem fit and proper to each person, debtor or depositee
               that pursuant to the purchase of the Business of the Vendor as a
               going concern on "as is where is" basis, the said person, debtor
               or depositee should pay the debt, loan or advance or make good
               the

                                       11

<PAGE>

               same or hold the same to its account and that the right of the
               Vendor to recover or realize the same stands extinguished.

          iii. The Purchaser alone shall, after the Closing Date, be entitled to
               recover and collect various amounts deposited by the Vendor with
               the Bank(s), Government authorities and other parties or due to
               the Vendor by debtors or others and for this purpose, the Vendor
               shall authorize the Purchaser to take all such steps as may be
               necessary for realizing such amounts and also agrees that any
               such amount as may be realized or paid by any party to the
               account of the Vendor shall forthwith be transferred and handed
               over to the Purchaser and that the Vendor shall address such
               letters as may be required to the debtors, bank(s) and others,
               instructing them to make payment to the Purchaser who alone would
               become entitled to such amount as may be realized to the end and
               intent that the rights to all such amounts shall be transferred
               to the Purchaser by novation.

               Provided, however that in the event the Purchaser intimates to
               the Vendor to have the debt or any part thereof assigned to the
               Purchaser, the Vendor undertakes to execute such deed/ document
               as required by the Purchaser for assignment of debt. It is agreed
               between the Parties that on such assignment, the Vendor will be
               fully indemnified by the Purchaser in respect of any claim of any
               nature whatsoever raised or to be raised against it by reason of
               such assignment.

               The bank accounts relatable to the Power Transmission Line
               Division shall continue to be maintained in the name of the
               Vendor till the Closing Date and on the Closing Date or such
               extended date as may be agreed by both the parties, such bank
               accounts shall be closed and the balance lying in them along with
               accrued interest, if any, shall be transferred to the bank
               accounts of the Purchaser. For any amounts relatable to the Power
               Transmission Line Division and received by the Vendor after the
               Closing Date, the Vendor

                                       12

<PAGE>

               shall deposit the same in the specified current accounts of
               various banks. The Vendor shall open such current accounts with
               the banks by 30th September, 2006 with a standing instruction to
               the banks to transfer the entire amount credited in the said
               accounts to the Purchaser's bank accounts. For the purpose of the
               transfer of the balance in the said accounts, the Purchaser shall
               provide the bank account number before the Closing Date to the
               Vendor. The Vendor shall operate the said accounts but shall not
               have any right to withdraw any amount from the said accounts.

     c)   On the Closing Date, the Vendor shall execute and deliver a Deed of
          Conveyance (in form and substance acceptable to the Purchaser) in
          favour of the Purchaser for the transfer of land and buildings and
          assets (other than those referred to in sub-clause (a) and (b) above)
          pertaining to the Business.

     d)   A certificate by a duly authorized officer of the Vendor, dated as of
          the Closing Date:

                Setting forth the resolutions of the Board of Directors and of
                the Shareholders of the Vendor authorizing the execution of this
                Agreement and the consummation of the transactions contemplated
                by this Agreement;

          ii)   Certifying that those resolutions were duly adopted and have not
                been rescinded or amended.

     e)   The Business Records as are available with the Vendor and as the
          Purchaser may have reasonably requested as being necessary for the
          conduct of the Business.

     f)   Documents and other relevant records of all the pending litigations
          pertaining to the Business.

                                       13

<PAGE>

     g)   All the registrations, licences, sanctions, consents, permissions,
          approvals and no-objection certificates from government/ statutory
          authorities and bank, if any, pertaining to the Business.

     h)   The consents or release of the charge holders as referred in clause
          5.1 (d) above.

     i)   The consents of any third parties, if any, for transfer of the rights
          and obligations of the Vendor under any contracts or arrangements
          pertaining to the Power Transmission Line Division.

6.3  The Vendor and the Purchaser agree to exchange letters with dealers,
     agents, distributors etc of the Vendor so that the arrangement between them
     and the Purchaser can continue on the same terms.

7    POST CLOSING OBLIGATIONS

     On and after Closing:

     a)   Any assets and liabilities of the Power Transmission Line Division
          realized or incurred by the Vendor on and after the Closing Date, but
          pertaining to the period prior to the Closing Date, will be promptly
          passed on to the benefit or for discharge by the Purchaser in such
          form and manner as may be directed by the Purchaser.

     b)   Each Party shall be obliged from the Closing Date to promptly pass to
          the other any payment, notice, correspondence, information or enquiry/
          queries in relation to the Business, which it receives after the
          Closing, and which properly belongs or should be directed to the
          other.

     c)   Appropriate applications will be filed with the relevant authorities
          for the transfer of the existing Provident Fund, Gratuity Fund,
          Pension Fund,

                                       14

<PAGE>

          Superannuation Fund or any other Special Fund or trusts created by the
          Vendor, relatable to the Employees of the Business.

     d)   All proceedings instituted by the Vendor may be continued by the
          Purchaser either in its own name or in the name of the Vendor, but in
          any case at the cost and risk of the Purchaser and similarly the
          Purchaser shall be responsible for all the proceedings instituted
          against the Vendor and shall be entitled to defend the same either in
          their own name or in the name of the Vendor at the cost and risk of
          the Purchaser.

     e)   The Vendor shall assist the Purchaser in getting financial assistance
          by way of transferring to the Purchaser the bank credit facilities
          being availed by the Vendor including by providing necessary comfort
          to the lenders, London Metal Exchange registered brokers and business
          associates for the Business only.

8    THE VENDOR'S REPRESENTATIONS, WARRANTIES AND COVENANTS

8.1  The Vendor hereby represents, warrants and covenants to the Purchaser as
     follows:

     a)   Subject to the applicable law and the approvals to be obtained under
          Clause 5.1, the Vendor has full corporate power and authority to sign
          and deliver this Agreement and to perform its obligations under this
          Agreement and no other corporate proceedings on its part are necessary
          to execute this Agreement or to complete the transaction contemplated
          herein and that this Agreement constitutes or will constitute valid
          and legally binding obligations of the Vendor enforceable in
          accordance with their terms.

     b)   That (except such of the assets as are subject to existing charges,
          hypothecation and mortgages to secure the bank liabilities transferred
          to, and assumed by, the Purchaser but only to the extent of the
          financial assistance covered by such bank liabilities) all the assets
          of the Business to be transferred to the Purchaser are free from all
          encumbrances and are owned both legally and beneficially by the Vendor
          and/ or are legally transferable by the Vendor. Further, immediately
          after the Closing, such assets shall not be

                                       15

<PAGE>

          subject to any liability, commitment or indebtedness, contingent,
          known or unknown, matured or unmatured.

     c)   Upon the passing of the Resolution under Section 293(1)(a) of the Act,
          the execution and delivery of this Agreement to the Purchaser and the
          sale and transfer of the Business as a running business/ going concern
          shall be with the requisite consent of the shareholders of the Vendor.

     d)   The execution, delivery and performance of this Agreement shall not
          result in a breach of or constitute a default under, any instrument to
          which the Vendor is a party or to which it is bound.

     e)   As of the Closing Date, the Vendor shall have withheld proper and
          accurate national, state, territorial and local taxes for all periods
          for which returns were due with respect to the Business and the
          amounts which according to the Vendor were shown thereon to be due and
          payable, as on the Closing Date, have been paid in full or will remain
          payable by the Vendor.

     f)   The Vendor agrees to execute all necessary and incidental documents
          and writings in favour of the Purchaser in order to completely and
          fully grant, transfer, release and assure in favour of the Purchaser
          and to completely, fully and effectively transfer the Business in the
          name of the Purchaser.

     g)   The Vendor shall not cause or permit any of their representations and
          warranties made in this Agreement, including, without limitation,
          their representations and warranties contained in this Clause, to be
          untrue or incomplete on the Closing Date or at any time prior thereto.

     h)   The Vendor has paid and/or agrees to pay and bear all rates, taxes,
          assessments, outgoings, impositions, Corporation tax including Sales
          tax, Income tax, Property tax, land revenue taxes, insurance premia,
          etc in respect of the Business for the period upto the Closing and
          will indemnify and keep the Purchaser indemnified from and against the
          same and from any proceeding, penalty, claim or demand whatsoever on
          account thereof for the period upto the Closing.

                                       16

<PAGE>

     i)   The Vendor agrees to pay any liability upto Rs 150,000,000 (Rupees
          Fifteen Crores only) that may arise on account of contingent and / or
          performance guarantee liability in respect of the Business for the
          period upto the Appointed Date. This liability will be enforceable on
          the Vendor upto a period of 5 (five) years from the Appointed Date.

     j)   The Purchaser will be entitled to represent itself as carrying on the
          Business in continuation of the Vendor and/ or as successor to the
          Vendor.

9    THE PURCHASER'S REPRESENTATIONS, WARRANTIES AND COVENANTS

9.1  The Purchaser hereby represents and warrants as follows

     a)   Subject to the applicable law, the Purchaser has full corporate power
          and authority to sign and deliver this Agreement and to perform its
          obligations under this Agreement and that this Agreement constitutes
          or will constitute valid and legally binding obligations on the
          Purchaser enforceable in accordance with their terms. The execution
          and delivery of this Agreement have been duly authorized by its Board
          of Directors and no other corporate proceedings on its part are
          necessary to execute this Agreement or to complete the transactions
          contemplated herein.

     b)   The Purchaser shall, in accordance with Clause 3 of this Agreement,
          discharge to the Vendor the Consideration payable by it to the Vendor
          under this Agreement.

     c)   After the Closing, the Purchaser shall provide to the Vendor all
          co-operation, assistance and access during all reasonable times, to
          books and other information of the Business delivered to the
          Purchaser, which may be required by the Vendor to meet
          statutory/taxation obligations.

                                       17

<PAGE>

     d)   This Agreement has been, duly and validly executed and delivered and
          constitutes a legal valid and binding agreement and will be
          enforceable against it in accordance with its terms.

     e)   All rates, taxes, assessments, outgoings, impositions, Corporation tax
          including Sales tax, Income tax, Property tax, land revenue taxes,
          insurance premia, etc in respect of the Business from the day
          following the Closing Date shall be borne and paid by the Purchaser.

10   DUTIES, FEES, ETC.

     All costs, charges and expenses for stamp duty, registration fees, indirect
     taxes including Sales Tax (if any) in connection with this Agreement and
     the Deed of Conveyance and other documents to be executed in pursuance
     hereof shall be borne by the Purchaser. Income-tax liability, if any,
     relating to the Consideration due to the Vendor shall be borne by the
     Vendor.

11   CONFIDENTIALITY

     The Vendor and the Purchaser recognize that each has or may have, in
     respect of their business, built up considerable specialist knowledge and
     expertise and wish to record their commitment to respecting each other's
     Confidential Information unless compelled to disclose by judicial or
     administrative process or by other requirements of law. However, this
     clause will not be applicable except to the extent that such information
     can be shown to have been previously known on a non-confidential basis by
     the Parties and/ or in the public domain though no fault of any Party.

12   EMPLOYEES

12.1 The Vendor shall take all the reasonable endeavor to ensure continuation of
     the services of the Employees of the Business on and from the Appointed
     Date and the Purchaser undertakes to continue to employ the Employees with
     full continuity

                                       18

<PAGE>

     of service and on terms which are no less favorable than the existing terms
     of their employment.

     The terminal/ retirement and other employment benefit funds maintained by
     the Vendor in relation to the Employees shall be transferred to the
     corresponding funds of the Purchaser maintained for that purpose.

     The Purchaser shall maintain personnel records relating to the Employees
     for a period of five years from the Appointed Date.

13   TERMINATION

     Right to Terminate. This Agreement and the transaction contemplated hereby
     may be terminated by either Party (the "Terminating Party") without being
     liable to the other Party (the "Non-Terminating Party") on or before the
     Closing Date.

     a)   forthwith by notice in writing to the Non-Terminating Party, if there
          shall be in effect any legal requirement an order, decree or judgement
          of a governmental authority, after the execution of this Agreement,
          prohibiting or restricting or permitting but only subject to onerous
          condition the consummation of all or a material portion of the
          transactions contemplated hereby; or

     b)   forthwith by notice in writing to the Non-Terminating Party, if there
          has been a materially false or misleading representation and warranty
          made or given by the Non-Terminating Party;

     c)   by giving thirty (30) days notice in writing to the Non-Terminating
          Party, if there has been a breach of covenant or any other provision
          of this Agreement by the Non-Terminating Party and such breach has not
          been rectified within the 30-day notice period from receipt of the
          notice by the Non-Terminating Party; or

     d)   forthwith by notice in writing to the Non-Terminating Party, if the
          Non-Terminating Party becomes insolvent, or an order of admission is
          passed

                                       19

<PAGE>

          pursuant to any filing made with the court or competent authorities by
          any Person for bankruptcy, winding-up, composition or any other
          similar insolvency proceedings or for attachment of the Business or
          any part thereof.

     e)   If both the Vendor and the Purchaser agree mutually then they can
          terminate this agreement for any reason whatsoever at any time on or
          prior to the Closing Date.

13.2 Effects of Termination. In the event of the termination of this Agreement
     by either Party, as provided in the foregoing Clause 13.1:

     a)   the Vendor shall promptly refund all payments, if any, made to the
          Vendor and the Purchaser and expenses incurred in pursuance of this
          Agreement, in each case, together with interest thereon at the rate of
          9% per annum;

     b)   all obligations of the Parties hereunder shall stand terminated,
          except that termination shall not relieve the Parties of their
          respective obligations under those Articles expressed to survive
          termination, such as Clause 8 (Vendor's representation and Warranties)
          9 (Purchasers Representation and Warranties) 11 (Confidentiality), 14
          (Indemnification) and 15 (Miscellaneous Terms) and provided that
          termination shall not affect a Party's accrued rights and obligations
          at the date of termination;

     c)   any actual and bona fide damages incurred by the Terminating Party as
          a result of termination of this Agreement shall be compensated by
          means which shall include, return of the specific property, right or
          monetary equivalent thereof as the case may be, except in case of
          termination pursuant to the provisions of Clause 13.1.

13.3. Remedies. Neither Party shall be limited to the termination right granted
      under this Clause by reason of breach of any condition or obligation by
      the other Party but may, in the alternative, elect to do one or more of
      the following:

                                       20

<PAGE>

     a)   proceed to Closing despite the breach of any condition or obligation,
          it being understood that in such an event such Party shall be deemed
          to have waived the fulfillment of such condition to that Party's
          obligations; or

     b)   seek specific performance of the obligations of the other Party.

14   INDEMNIFICATION

14.1 The Vendor shall indemnify, defend and hold harmless and shall keep
     indemnified the Purchaser from and against any and all direct losses,
     costs, damages, claims, penalties, liabilities or expenses (including
     reasonable attorney's fees and expenses) that the Purchaser (i) may suffer
     or incur arising out of or in connection with or in respect of the
     non-payment of any sums of money, which the Vendor is liable to pay or (ii)
     any misrepresentations (including, concealment of material facts) or any
     inaccuracy, incorrectness or incompleteness in or breach of any Vendor's
     Warranties, or (iii) any and all liability (other than the Liabilities) in
     relation to the Business (whether accrued, absolute, contingent,
     unliquidated or otherwise), relating to the period prior to Appointed Date
     and which have not been disclosed to the Purchaser; or (iv) willful breach
     or non-performance or non-observance of any covenants, agreements or
     conditions entered into by it or which it may be liable to perform or
     observe in respect of the Business or in respect of any transaction or
     event or occurrence prior to the Appointed Date as well as prior to the
     Closing Date (as trustee for the Purchaser).

14.2 The Purchaser shall indemnify, defend and hold harmless and shall keep
     indemnified, the Vendor from and against any and all direct losses, costs,
     damages, claims or liabilities or expenses (including reasonable attorney's
     fees and expenses) that the Vendor (i) may suffer or incur arising out of
     or in connection with or in respect of the non-payment of any sums of
     money, which the Purchaser is liable to pay or (ii) any misrepresentations
     (including, concealment of material facts) or any inaccuracy, incorrectness
     or incompleteness in or breach of any Purchaser's Warranties, or (iii)
     willful breach or non-performance or non-observance of any covenants,
     agreements or conditions entered into by it or

                                       21

<PAGE>

     which it may be liable to perform or observe in respect of the Business or
     in respect of any transaction or event or occurrence subsequent to the
     Closing Date.

15   NON COMPETE

     For a period of 5 (five) years from the Closing Date, the Vendor shall not
     carry on or engage in directly or indirectly whether through partnership or
     as a shareholder, joint venture partner, collaborator, consultant or agent
     or in any other manner whatsoever, whether for profit or otherwise any
     business which competes with the whole or any part of the Power
     Transmission Line Division.

     For a period of 5 (five) years from the Closing Date, the Vendor will not,
     directly or indirectly;

          attempt in any manner to solicit from any client/customer, business of
          the type carried on by the Purchaser or to persuade any person, firm
          or entity which is a client/ customer of the Purchaser to cease doing
          business or to reduce the amount of business which any such client/
          customer has customarily done or might propose doing with the
          Purchaser whether or not the relationship between the Purchaser and
          such client/ customer was originally established in whole or in part
          through its efforts; or

          unless agreed in writing by both the Parties, employ or attempt to
          employ or assist anyone else to employ any person who is in the
          employment of the Purchaser at the time of the alleged prohibited
          conduct, or was in the employment of the Purchaser at any time during
          the preceding twelve months.

16   MISCELLANEOUS PROVISIONS

                                       22

<PAGE>

     FORCE MAJEURE. Neither Party shall be liable to the other for failure or
     delay in the performance of any of its obligations under this Agreement for
     the time and if such failure or delay is caused by riots, civil commotions,
     wars, hostilities between nations, governmental laws, orders or
     regulations, embargoes, actions by the government or any agency thereof,
     acts of god, storms, fires, accidents, strikes, sabotages, explosions or
     other similar or different contingencies beyond the reasonable control of
     the respective Parties. If, as a result of legislation or government
     action, any Party or Parties are precluded from receiving any benefit to
     which they are entitled hereunder, the Parties shall review the terms of
     this Agreement so as to make best efforts to restore the Party or Parties
     to the same relative positions as previously obtained hereunder.

     GOVERNING LAW. This Agreement shall be governed by the laws of India and
     the competent courts in Mumbai shall have exclusive jurisdiction over any
     disputes arising out of this Agreement.

     DISPUTE RESOLUTION. All disputes and differences whatsoever arising between
     the Parties hereto regarding construction or interpretation of the
     provisions of this Agreement or any dispute or difference in connection
     with this Agreement shall be referred to arbitration of a sole arbitrator,
     if Parties agree upon one, otherwise to three arbitrators of which one each
     will be appointed by the Purchaser and the Vendor and the third arbitrator
     shall be appointed by the said two arbitrators. The Arbitration and
     Conciliation Act, 1996 or any statutory modifications or re-enactment
     thereof shall govern such arbitration. The place of Arbitration shall be
     Mumbai.

16.4 WAIVERS. No provision of and no default under this Agreement may be waived
     except by an instrument in writing signed by the Party waiving the
     provision of this Agreement or default committed there under. No waiver of
     any provision or default shall be deemed a waiver of any other provision or
     subsequent default.

16.5 SEVERABILITY. If any term, clause or provision of this Agreement shall be
     judged to be invalid for any reason whatsoever, such invalidity shall not
     affect the validity or operation of any other term, clause or provision of
     this Agreement and such

                                       23

<PAGE>

     invalid term, clause or provision shall be deemed to have been deleted from
     this Agreement.

     NOTICES. Any and all notices, requests and other communications required or
     permitted hereunder shall be in writing and shall be sent by registered
     post or by facsimile followed by a confirmation letter by such registered
     mail, to each of the Parties at the addresses set forth herein:

     To the Vendor              : Sterlite Industries (India) Limited
                                  SIPCOT Industrial Complex,
                                  T.V Puram P.O
                                  Tuticorin - 628 002
                                  Tamil Nadu

     To the Purchaser           : Sterlite Optical Technologies Limited
                                  E-1, MIDC Waluj,
                                  Aurangabad 431136

     ENTIRE AGREEMENT. This Agreement with the Schedules, if any, hereto and
     executed by the Parties hereto constitutes the entire agreement between the
     Parties hereto with respect to the subject matter hereto and supersedes and
     cancel all previous agreement, negotiations, thereof.

     This Agreement and the Schedules, if any, hereto shall not be changed,
     altered or amended except in writing and executed by duly authorized
     representatives of both Parties hereto.

16.8 ASSIGNMENT OF THE AGREEMENT. Neither Party shall assign its rights or
     obligations herein to any person without obtaining prior approval in
     writing of the other Party in that behalf.

                                       24

<PAGE>

     IN WITNESS HEREOF, THE PARTIES HERETO HAVE CAUSED THIS AGREEMENT TO BE
     DULY EXECUTED BY THEIR RESPECTIVE AUTHORIZED OFFICERS AS OF THE DAY AND
     YEAR FIRST ABOVE WRITTEN

     SIGNED AND DELIVERED BY STERLITE
     INDUSTRIES (INDIA) LIMITED by the hands
     of Mr. Tarun Jain, Director of the
     Company, pursuant to the resolution passed
     at the meeting of its Board of Directors held
     on 21ST AUGUST 2006, in the presence of Mr.          /s/ MR. TARUN JAIN

     SIGNED AND DELIVERED BY STERLITE
     OPTICAL TECHNOLOGIES LIMITED by the
     hands of Mr. Anand Agarwal, the
     Director of the Company, pursuant to the             /s/ MR. ANAND AGARWAL
     resolution passed at the meeting of its Board
     of Directors held on 21ST AUGUST 2006, in the
     presence of Mr.

                                       25

<PAGE>
                                                                      SCHEDULE I

LIST OF ASSETS

DETAILS OF ASSET BALANCE AS ON JUNE 30TH 2006.

<Table>
<Caption>
                                              (Rs in Lacs)
Particulars                     Amount         Amount
-----------                    --------       --------
<S>                            <C>            <C>

Net Fixed Assets                               6211.36

Capital Work-in-Progress                       2196.08

Current Assets

Inventories                    14676.44

Sundry Debtors                 19246.97

Cash and Bank Balances            89.78

Loans and Advances              3513.46

Total Current Assets                          37526.66
                               --------       --------
Total Assets                                  45934.09
                               --------       --------
</Table>
<PAGE>
                                                                     SCHEDULE II

                          LIST OF PLANT AND MACHINERY

<Table>
<Caption>

S. NO.        NAME OF MACHINERY                                                   UNIT               QUANTITY
------        -----------------------------------------------------------      ----------            --------
<S>           <C>                                                              <C>                   <C>

  1           RBD - Wire Drawing Machine for Aluminium                         Karanjwane               4
  2           RST - Rigid Stranding Machine                                    Karanjwane               3
  3           Tubular - Steel/Aluminium/Almn Alloy Core Stranding Machine      Karanjwane               2
  4           Tubular - Aluminium/Almn Alloy Core Stranding Machine            Karanjwane               4
  5           Solutioninizg cum Age Hardening Furnace                          Karanjwane               1
  6           Age Hardening Furnace                                            Karanjwane               3
  7           RBD - Wire Drawing Machine for Aluminium                           Rakholi                9
  8           RST - Rigid Stranding Machine                                      Rakholi                5
  9           Tubular - Steel/Aluminium/Almn Alloy Core Stranding Machine        Rakholi                3
 10           Skip - Steel/Aluminium/Almn Alloy Core Stranding Machine           Rakholi                3
 11           Age Hardening Furnace                                              Rakholi                4
 12           Rod Rolling Mill                                                   Rakholi
12.1          No. 1                                                              Rakholi                1
12.2          No. 2                                                              Rakholi                1
12.3          No. 3                                                              Rakholi                1
              - Each Rod Rolling Mill consisting mainly of:
  A           Melting Furnace                                                    Rakholi                1
  B           Holding Furnace                                                    Rakholi                2
  C           Caster                                                             Rakholi                1
  D           Rolling Mill                                                       Rakholi                1
  E           Induction Heater                                                   Rakholi                1
  F           Coiler                                                             Rakholi                2
</Table>

                                       27

<PAGE>
                                                                    SCHEDULE III

LIST OF LIABILITIES

DETAILS OF LIABILITIES BALANCE AS ON JUNE 30TH 2006.

<Table>
<Caption>
                                                                 (Rs in Lacs)
Particulars                                                       Amount
-----------                                                      --------
<S>                                                              <C>

Borrowing from Banks                                             14038.53

Reedemable Non Convertible Bonds                                 10200.00
(MIBOR Linked)

Sundry Creditors                                                  3596.27

Advances from Customers                                           1951.27

Statutory Liabilities                                              875.58

Provision and Other Liabilities                                    421.44
                                                                 --------
Total Liabilities                                                31083.09
                                                                 --------
</TABLE>

                                      28

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