Mumbai, Aug 11 - Sterlite Industries, a leading metals major and part of Anil Agarwal's Vedanta Group, has revised its offer to purchase the assets of Asarco, the Texas-based bankrupt miner, smelter and copper refiner.

The company has now proposed to pay $1.59 billion in cash in view of the increase in global copper prices and $208 million in the form of copper price participation note - money paid to smelters when prices exceed certain value.

'The consideration was changed to reflect an increase in copper prices and to meet the expectations of creditors,' Sterlite said in a regulatory filing with the Bombay Stock Exchange Tuesday.

The value of the participation note has been lowered from $770 million to $208 million, and the same has been compensated for by higher cash consideration of $1.