Document:

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                                                                   Exhibit 10.32

                              LETTER OF GUARANTEE
                              -------------------

To,
ABN AMRO BANK N.V.

Dear Sir,

In consideration of your granting/continuing advances or otherwise giving
credit or affording banking facilities or other accommodation for as long as
you may think fit to THE MADRAS ALUMINIUM COMPANY LTD. (hereinafter called "the
                     ---------------------------------
Principal") either alone or jointly with any other person/persons.

We,

(A)  STERLITE INDUSTRIES (INDIA) LTD Limited, a private/public company under the
     -------------------------------
     Companies Act, 1956.

                                       OR

(B)  Mr/Ms. ____________________________________________________________________
     Mr/Ms. ________________________________________________________________ and
     Mr/Ms. ____________________________________________________________________
     _______________________________________________________________ carrying on
     business in partnership in the firm name and style of ___________________,

                                       OR

(C)  Mr/Ms. ________________________________________ carrying on business in the
     name and style of __________________________________________________ as its
     Sole Proprietor having its Registered office/principal of place business
     at the address mentioned after the signature hereunder

                                       OR

(D)  (i)  Mr/Ms. ____________________________________________________ aged about
          ___________________ years residing at ________________________________
          ___________________________________________________,

     (ii) Mr/Ms. ____________________________________________________ aged about
          ___________________ years residing at ________________________________
          ___________________________________________________________,

                                                         Contd. [ILLEGIBLE TEXT]
<PAGE>
(hereinafter called "Guarantors" which expression shall, unless it be repugnant
to the subject or context include (a) its successors or assigns or (b) surviving
partner or partners and the heirs/legal representatives/executors/
administrators/permitted assigns of any deceased partner/s or (c) and (d) the
heirs/legal representatives/executors/administrators/permitted assigns) do
hereby jointly and/or severally unconditionally and irrevocably guarantee the
due payment forthwith upon demand and without any demur or protest any and all
amounts demanded by you of any nature whatsoever involving any advance, loan,
bill and promissory note, and whether made, incurred, or discounted before or
after the date hereof, to or for the Principal, either alone or jointly with
any other person or persons and also all bills, promissory notes, or guarantees
held by you bearing the Principal's signature, together with interest,
commission, and other banking charges, including all legal charges and expenses.
Provided always that the total amount which may become payable under this
guarantee shall not exceed Rs. 130 MILLION (Rupees ONE HUNDRED AND THIRTY
MILLION ONLY) together with the interest at the current rate applicable to
Commercial loans and advances whether simple or compound and all commission
which is usually payable by the Principal (including in particular interest at
an additional or penal rate, in the event of default by the Principal in
punctual payment of any instalment and/or of interest) or which may have been
notified to the Principal, from the date of the Principal's default until
payment. The Guarantors expressly jointly and/or severally agree that you shall
have full discretionary power, without any further consent and without in any
way affecting the Guarantors' joint and/or several liability under this
guarantee to renew any advance, and to hold over, renew, or give up in whole or
in part, and from time to time, any bills, notes, mortgages, charges, liens or
other securities received or to be received from the Principal, either alone or
jointly with any other person or persons or from any other person or persons or
bearing the name of the Principal. You shall be at liberty without in any way
affecting the Guarantors' joint and/or several liability under this guarantee
and the Guarantors do hereby jointly and/or severally grant consent to you to
vary any contract or any term or terms of any contract entered into with or to
release or discharge or to do any act or omission the legal consequence of
which is to discharge or to enter into any composition or compound with or
promise to grant time or any other indulgence or not to sue, either the
Principal or any person or persons liable on any such bills, notes, mortgage,
charges, liens, or other securities or any person liable as surety, or
collaterally liable for the Principal, or any other person or persons. And
further, that this guarantee shall be a continuing security to you. And this
guarantee shall be applicable to ultimate balance that may become due to you
from the Principal in the account notwithstanding that such account may in the
mean time or at any time or times have been in credit or may have disclosed a
reduced or nil balance, and until repayment of such balance you shall be
entitled to retain, realise or otherwise dispose of in such manner as you may
think fit any securities now or hereafter held by you and without any liability
to account to the Guarantors for any proportion of such securities or of the
proceeds thereof until the said ultimate balance shall have been satisfied. And
in the meantime the Guarantors will not take any steps to enforce any right or
claim against the Principal in respect of any moneys paid by the Guarantor/s to
you hereunder. And further, that if you should receive payments from the
Principal, or any person or persons as aforesaid liable to you, or from any
security held by you, or if the Principal or any persons or persons as aforesaid
liable to you shall become bankrupt or insolvent, or being a corporation or an
incorporated body shall pass a resolution for voluntary winding-up or shall be
ordered to be wound-up by an order of the court or shall enter into any
arrangement, scheme or compromise with his, its or their creditor or creditors,
you shall be at liberty without discharging the Guarantors' liability to make
or assent to any compromises, composi-
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tions or arrangements, or to prove and to rank as creditors in respect of the
general balance of your account, or any item or items thereof, and to receive
dividends thereupon, and all such payments and dividends received shall be
treated as payments in gross, the Guarantors' liability shall extend to the
ultimate balance after deducting such payments other, than payments made by any
co-surety, for the full sum hereby guaranteed, and to the entire exclusion and
surrender of all the Guarantor's rights as surety in competition with you, the
statutes of bankruptcy or any rule of law or equity to the contrary
notwithstanding, unless you have been paid all your dues in full.

A demand in writing shall be deemed to have been duly given to the Guarantors by
sending the same by post addressed at the address hereunder written and shall be
effectual notwithstanding any change of residence or death and notwithstanding
notice thereof to the Bank, and such demand shall be deemed to be received by
the Guarantors as the case may be 24 hours after the posting thereof, and shall
be sufficient if signed by any officer of the Bank, and in proving such service
it shall be sufficient to prove that the letter containing the demand was
properly addressed and put into the Post Office.

This guarantee shall be additional to any other guarantee furnished by the
Guarantor/s.

The Guarantors agree that a copy of the account of the Principal contained in
your books of account (or of the account for the preceding six months if the
accounts shall have extended beyond that period), signed by the Agent or
Manager for the time being of the office at which such accounts shall be kept,
or any officer of the Bank, shall be conclusive evidence against the Guarantors
of the amount for the time being due to you from the Principal in any action or
other proceeding brought against the Guarantor/s under this Guarantee.

The Guarantors do hereby waive in your favour all or any of the rights against
you or the Principal so far as may be necessary to give effect to any of the
provisions of this guarantee. The Guarantors shall not be entitled to claim the
benefit of any legal consequences of any variation of any contract entered into
by the Principal with you the liability in respect of which is guaranteed
hereunder.

Whenever the amount due from the Principal either alone or jointly shall exceed
the limit stipulated under this guarantee you may if you think fit elect which
particular accounts or items shall be considered as exclusively secured by this
guarantee. And you shall be at liberty at any time in case of the payment by
the Guarantors of any of the moneys hereby guaranteed to place the same to a
suspense account for any period that you may think fit and such money shall not
be considered as paid on account of the moneys due to you from the Principal or
any such other person.

Should this guarantee cease, from any cause to be binding as a continuing
security on the Guarantors you may open a fresh account or accounts and continue
any existing account with the Principal and no money paid into such account and
subsequently drawn out by the Principal shall on settlement of any claim under
this guarantee be appropriated towards or have the effect of payment of any part
of the moneys due from the Principal at the time of this guarantee ceasing to be
so binding as aforesaid in the absence of a direction in writing to appropriate
given to you by the person paying in such money.

If the Guarantors now have or shall hereafter take any security from the
Principal in respect of liability under this guarantee the Guarantors will not
prove in the bankruptcy or insolvency or winding-up of the Principal in respect
thereof to your prejudice and such security shall stand as a security for you
and shall forthwith be deposited with you.
<PAGE>
If the Principal is a Corporation or an unincorporated body or firm the absence
or infirmity of borrowing powers on the part of the Principal or any
irregularity in the exercise thereof shall not affect the Guarantors' liability
and any moneys advanced to the Principal shall be deemed due and owing
notwithstanding such absence, infirmity or irregularity and this guarantee shall
not be affected by any change in the name or constitution of the Corporation or
unincorporated body or firm by death or retirement or otherwise howsoever.

This guarantee shall be enforceable against the Guarantors notwithstanding that
any negotiable or other securities referred to herein or to which it may extend
or be applicable shall at the time of proceedings being taken on this guarantee
be outstanding or in circulation.

To give effect to this guarantee you may act as though the Guarantors are the
Principal debtors.

This guarantee shall endure for the benefit of your successors and assigns, and
shall be binding on the Guarantors including (a) the successors/assigns or (b)
the surviving partner/partners and the heirs/legal representatives/executors/
administrators/assigns of any deceased partner/s or (c) and (d) the heirs legal
representatives executors administrators and permitted assigns.
<PAGE>
IN WITNESS WHEREOF these presents have been executed at ___________ on
this fifth day of June 2000 in the manner stated below:-
     -----        ---------

(A) The Common seal of Limited was hereunto         )
    affixed pursuant to a Resolution by the Board   )
    of Directors passed at a meeting held on in     )
    the presence of and _________________________   )
    _______________________ who have signed these   )
    presents in token thereof                       )   /s/ Tarun Jain

                         Or

(B) Signed and Delivered by _____________________   )
    _____________________________________________   )
    _________________________________________ and   )
    _____________________________________________   )
    Partners of _________________________________   )
    _____________________________________________   )

                         Or

(C) Signed and Delivered by _____________________   )
    __________________________ Sole proprietor of   )
    _____________________________________________   )

(D) Signed and Delivered by _____________________   )
    _____________________________________________   )<PAGE>
                                                                   Exhibit 10.33

                         LETTER OF CONTINUING GUARANTEE

This Letter of Continuing Guarantee is executed at Mumbai this 18th day of
                                                               ----
February 2002 by M/s. Sterlite Industries (India) Ltd., having its Registered
Office at B-10/4, Waluj MIDC Industrial Area, Waluj Dist. Aurangabad -- 431
133, Maharashtra, India hereinafter called "the GUARANTOR" (which expression
shall, unless it be repugnant to the context or meaning thereof shall mean and
include its successors) of the one part and ABN AMRO BANK N.V., a Banking
Company incorporated in Netherlands, having its branch office at 14, Veer
Nariman Road, Mumbai -- 400 023, hereinafter called "the BANK" (which
expression shall unless it be repugnant to the context or meaning thereof mean
and include its successors and assigns) of the other part:
<PAGE>
WHEREAS :

(i)  At the request of the Guarantor the Bank has granted/agreed to grant to The
     Madras Aluminium Company Ltd., (hereinafter referred to as "the borrower"
     the following Credit facilities viz.:

     a)  Working Capital facility of Rs. 2.00 Crores (hereinafter collectively
          called the "said CREDIT FACILITY/IES"),

(ii) One of the conditions of the Bank having agreed to grant/having granted the
     said credit Facility/ies to the Borrower was that the Guarantor shall
     execute in favour of the Bank an unconditional and irrevocable continuing
     Guarantee being these presents:

                   NOW THESE PRESENTS WITNESSETH AS FOLLOWS :

1.   The Guarantor doth hereby irrevocably and unconditionally guarantee the due
     repayment to the Bank at its Veer Nariman Road Branch at Mumbai on demand
     without demur and/or contestation and notwithstanding any dispute between
     the Bank and the Borrower of all the amounts including the principal sum of
     Rs.2,00,00,000/- (Rupees Two Crores only) towards the said credit
     facility/ies and indebtedness due and payable by the Borrower to the Bank
     under the said credit facility/ies or any one or more or all of them or any
     part thereof for the time being outstanding under the said credit
     facility/ies granted/agreed to be granted by the Bank to the Borrower and
     all interest, commission, costs, charges and expenses and all other monies
     whatsoever due owing and payable by the Borrower to the Bank thereunder
     ("the said dues"), in the event of failure on the part of Borrower in
     repaying the same to the Bank or discharging its liability thereunder. The
     Guarantor shall pay to the Bank forthwith on first demand at its Branch
     Office at 14, Veer Nariman Road, Mumbai - 400 023, the said dues (the
     decision of the Bank as to such default (failure of the Borrower and the
     amount claimed therein, being final, conclusive and binding on the
     Guarantor).

2.   The obligations hereunder are joint and several and independent of the
     obligations of Borrower, and a separate action or actions may be brought
     against the Guarantor alone or jointly with the Borrower.

3.   In the event of the Guarantor's failure to pay the Bank the said dues
     forthwith on demand made by the Bank then in such event, the aforesaid
     amount shall be and carry interest at the one percent over and above the
     Bank rate or such other rate as the Bank may in its absolute discretion
     stipulate, from the date of demand till payment by the Guarantor.

4.   The Guarantor hereby indemnifies the Bank and agrees to keep the Bank
     indemnified and save harmless at all times till the said credit
     facility/ies is outstanding, due and payable by the Borrower, against all
     actions, proceedings, claims and demands, duties, penalties, taxes, losses,
     damages, cost (as between Advocate and Client) charges and expenses and
     other liability whatever which may be brought and made against or sustained
     or incurred by the Bank by reason of having granted/continued/agreed to
     grant the said credit facility/ies to the Borrower.
<PAGE>
5.   The Bank shall be at liberty, and shall have full discretionary power
     without the Guarantor's further assent and knowledge and without in any way
     affecting the Guarantor's liability under this guarantee and the Guarantor
     hereby waives the rights available to it as surety under the applicable
     provisions of the Indian Contract Act, 1872 or its statutory modification
     or re-enactment thereof.

-    to renew change/enlarge/release the terms & conditions for grant of the
     said facility/ies or any advance, credit entered into with/granted to the
     Borrower, or

-    to hold over, renew, or give up in whole or in part, and from time to
     time, any bills, notes, mortgages, charges, liens or other securities
     received or to be received from the Borrower either alone or jointly with
     any other person or persons;

-    to vary/exchange or release any securities held or to be held by the Bank
     for the said credit facility/ies; or

-    to release or discharge the Borrower or any person liable with the
     Borrower as guarantor or otherwise, or

-    to do any act or omission the legal consequence of which is to discharge
     the Borrower or any person liable for or with the Borrower as aforesaid, or

-    to postpone for any time or from time to time the exercise of any power or
     powers conferred upon the Bank by law or otherwise and to exercise the same
     any time and in any manner and either to enforce or forbear to enforce the
     covenants or agreements entered into by the Bank with the Borrower or any
     other remedies or securities available to the Bank, or

-    to enter into any composition or compound with or promise to grant/extend
     time or any other indulgence or not to sue, either the Borrower or any
     other person liable as surety, or collaterally liable for the Borrower, as
     the Bank may deem fit,

-    And the Guarantor shall not be released by any exercise by the Bank of
     their liberty with reference to the matters aforesaid or any of them.

6.   The Guarantor shall also not be entitled to look into or consider any
     question or dispute which may arise between the Bank as the Creditor and
     the Borrower as to repayment by the Borrower to the Bank of all amounts due
     under the said facility together with all interest, costs, charges and
     expenses in respect thereof or otherwise howsoever.

7.   This Guarantee shall remain in full force and effect until the
     Borrower is fully discharged by the Bank of all the liabilities under the
     said credit facility/ies and until the Borrower has got the discharge
     confirmed in writing from Bank.

8.   Further, this guarantee shall be a continuing guarantee and be applicable
     to the ultimate balance that may become due to the Bank from the Borrower
     under the said credit facility/ies notwithstanding that the loan account
     maintained by the Bank for the Borrower, may in the meantime or at any time
     or times have been in credit or may have disclosed a reduced or nil
     balance.
<PAGE>
9.   The Bank shall be entitled to retain realise or otherwise dispose off in
     such manner as the Bank may think fit any securities, now or hereafter held
     by the Bank and without any liability to account to the Guarantor or any
     appropriation of such securities or of the proceeds thereof until the said
     ultimate balance shall have been satisfied.

10.  And notwithstanding the Bank receiving payments from the Borrower/the
     Guarantor or any person or persons as aforesaid liable to the Bank, or
     from any security held by the Bank of the whole or any part of the amount
     hereby guaranteed, if the Borrower shall become bankrupt or insolvent or
     being a corporation or any incorporated company shall pass a resolution for
     voluntary winding-up or shall be ordered to be wound-up or shall be ordered
     to be wound-up by an order of the court, or shall enter into any
     arrangement scheme including rehabilitation scheme approved by
     Banks/Financial institutions/BIFR etc., compromise with its creditor or
     creditors, the Bank shall be at liberty without discharging the Guarantors
     liability to make or assent to any compromises, compositions or
     arrangements and to rank as creditors for the Bank's total claim hereunder
     and to receive dividends, composition or other payments thereupon to the
     entire exclusion and surrender of all the Guarantor's rights as
     surety/sureties in competition with the Bank, notwithstanding the statutes
     of bankruptcy or any rule of law or equity to the contrary, unless all the
     Bank's dues as aforesaid have been satisfied in full.

11.  Further, if the Guarantor now have or shall hereafter take any security
     from the Borrower in respect of the Guarantor's liability under this
     guarantee, the Guarantor will not prove in the bankruptcy or insolvency or
     winding-up of the Borrower in respect thereof to the Bank's prejudice and
     such security shall stand as a security for the Bank and shall forthwith be
     deposited with the Bank.

12.  Any indebtedness of the Borrower now or hereafter held by the Guarantor is
     hereby subordinated to the indebtedness of the Borrower to the Bank; and
     such indebtedness of Borrower to Guarantor as trustee for Bank and be paid
     over to Bank on account of the indebtedness of Borrower to Bank but without
     reducing or affecting in any manner the liability of Guarantor under the
     other provisions of this guarantee.

13.  The Bank may proceed against and recover from any of the Guarantor's
     property including any credit balance or security held/to be held in
     future, by the Bank on the Guarantor's account by sale and or otherwise and
     allocate and apply the net proceeds of sale and realisation thereof and any
     other monies in the Bank's hands standing to the Guarantor's credit or
     belonging to the Guarantor's on any account whatsoever independently the
     one of the order and in such manner as the Bank may think fit in or towards
     the payment of any monies payable by the Borrower/Guarantor to the Bank
     hereunder.

14.  The Bank's decision shall be final and binding on the Guarantor in respect
     of all matters concerning the aforesaid amounts and/or these presents.
<PAGE>
15.  The Bank may enforce and recover upon this guarantee for full amount hereby
     guaranteed and interest thereon to satisfy its total claim against the
     Borrower, notwithstanding any composition as aforesaid and notwithstanding
     any other guarantee, security or remedy which the Bank may hold or be
     entitled to in respect of the sum hereby secured, and notwithstanding any
     charges for interest which may be debited in the Bank's account for the
     Borrower or in any other account for the Borrower.

16.  This guarantee shall not be affected by any change in the constitution of
     the Borrower or the Guarantor and shall not be determined or in any manner
     prejudiced by any absorption and amalgamation or re-constitution or
     alteration in the status or change in the Constitution of the Bank but
     shall ensure and be available for and by the absorbing or amalgamated or
     reconstituted or altered or changed authority or body.

17.  This guarantee shall be in addition and not in substitution to any other
     guarantee for the Borrower signed by the Guarantor that the Bank may at
     any time hold.

18.  In order to give effect to this guarantee, the Bank shall be entitled to
     act as if the Guarantor is the Principal debtor to the Bank for all
     payments and convenants hereby guaranteed.

19.  The Guarantor agrees that the Guarantor shall not be entitled to claim the
     benefit of any legal consequences of any variation of any contract entered
     into by the Borrower with the Bank, the liability in respect of which is
     guaranteed by the Guarantor aforesaid.

20.  The absence or infirmity of borrowing powers on the part of the Borrower or
     any irregularity in the exercise thereof shall not affect the Guarantor's
     liability and any monies advanced to the Borrower shall be deemed to be due
     and owing notwithstanding such absence, infirmity or irregularity and this
     guarantee shall not be effected by any change in the name or constitution
     of the un-incorporated body or firm by death or retirement or otherwise
     howsoever.

21.  This guarantee shall be enforceable against the Guarantor notwithstanding
     that the securities created/to be created by the Borrower or by the
     Guarantor or any other collateral securities the Bank might obtain/have
     obtained from the Guarantor or the Borrower or any negotiable or other
     securities referred to herein or to which it may extend or be applicable
     shall at the time of proceedings being taken against the Guarantor on this
     guarantee be outstanding or unrealised.

22.  In addition to all liens upon, and rights of set off against the monies,
     securities or other property of Guarantor given to the Bank by law, the
     Bank shall have a lien upon and a right of set off against, all monies,
     securities and other property of Guarantor now or hereafter in the
     possession of or on deposit with the Bank, whether held in a general or
     special account or deposit, or for safe keeping or otherwise; and every
     such lien and right of set off may be exercised without demand upon or
     notice to Guarantor. No lien or right of set off shall be deemed to have
     been waived by any act or conduct on the part of Bank, or by any neglect to
     exercise such right of set off or to enforce such lien, or by any delay in
     so doing and every rights of set off and lien shall continue in full force
     and effect until such rights of set off or lien is specifically waived or
     released by an instrument in writing executed by the Bank.
<PAGE>
23.  The demand hereunder in writing shall be deemed to have been duly given to
     the Guarantor by the Bank, by sending the same by post addressed to the
     Guarantor at the Guarantor's Registered office hereunder written and shall
     be effectual notwithstanding any change thereof and notwithstanding notice
     thereof to the Bank, and such demand shall be deemed to have been received
     by the Guarantor 24 hours after the posting thereof and shall be sufficient
     if signed by any officer of the Bank and in proving such service it shall
     be sufficient to prove that the letter containing the demand was properly
     addressed and put into the Post Office.

24.  This guarantee shall inure for the benefit of the Bank's successors and
     assigns, and shall be binding on the Guarantor, Guarantor's estate, effects
     and successors.

25.  The Guarantor specifically agrees and confirms that this Guarantee and all
     matters concerning the same or arising therefrom or relating thereto, shall
     be construed in all respects by the Laws of India and shall be subject to
     the exclusive jurisdiction of the courts at Bombay/Chennai only.

26.  It is hereby expressly agreed between the parties that even if by any act
     of legislation and/or by any act of State and/or God if Borrower's debts
     under the said credit facility/ies to the Bank are suspended or cancelled
     the Guarantor shall nevertheless be bound to pay to the Bank all the
     amounts demanded by the Bank from the Guarantor hereunder.

Dated

The Common Seal of Sterlite Industries (India) Limited was hereunto
Affixed pursuant to the Resolution of its Board Meeting held on
The 29th day of January 2002 in the presence of
Mr NAVIN AGARWAL Director and               FOR STERLITE INDUSTRIES (INDIA) LTD.
Mr                                 who have
In token hereof set their respective hands hereto.   /s/ Navin Agarwal

                                                            AUTHORISED SIGNATORY
(GUARANTOR)

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