alleged that the Agarwals, before liquidating the shares of the investment companies mentioned, had written off loans worth 230 million and made an agreement to gift their overseas corporate body, Twinstar, a sum of 338 million including shares of Sterlite worth 72 million. Between 1993 and 1999, Sterlite and its investment companies allegedly brought in 2.08 billion to India through Twinstar to subscribe to the shares of Sterlite and make investments in the company. Sesa Goa – Scambi (1954–1963) The company today known as Sesa Goa was founded in 1954, as Scambi Economici SA Goa. Since then, it gradually grew to become a large low-cost producer of iron ore. During 1991–1995, it diversified into the manufacture of pig iron and metallurgical coke. Scambi Economici Societa Anonyma (SESA), owned by Baron Ludovic Toeplitz, with the financial backing of Alessandro Vassalo, obtained the Orasso Dongor mining lease in Sirsaim, Goa in 1954 and Sesa Goa Limited was formed. It was bought over in 1955, with equal shareholding, by Gewerkeshaft Exploration e Bergbau and Ferromin S.p.A., a subsidiary of Finsider S.p.A. (of IRI group), which eventually acquired the other half stake in 1963. Sesa Goa (1963–2007) Sesa Goa Limited was incorporated as a private limited company in 1963 under The Companies Act, 1956. In 1979, Sesa Goa Private Limited was formed, with the merger of Sesa Goa Limited with another mining company in Goa, Mingoa Sociedade Miniera Goesa S.a.r.l. By 1965, Sesa Goa and Mingoa were incorporated as a private limited company under The Companies Act, 1956. The merger happened in 1979 and the new, unified company was called 'Sesa Goa Pvt Ltd'. The company went public in 1981 with 42,000 Indian shareholders, holding 60% of its shares and the remaining 40% held by Finsider International, which later became ILVA International. Sesa Goa had started with iron mining as its core business but slowly, it ventured into barge construction in 1984 at Sirsaim, located in the Bardez taluka of North Goa. Since then, the barge construction unit has been developed into a shipbuilding division. In the 1990s, Sesa Goa began further expansion, aided by an influx of foreign investment during the economic liberalization of India enforced by the World Bank and IMF. In 1992, the first phase of a 150,000 ton pig iron plant was commissioned. In the same year, Sesa introduced India's first low-phosphorus foundry grade pig iron in India and subsequently