Vedanta, the UK-listed Indian mining company, is trying to strengthen its $2.6bn (£1.6bn) revised bid for Asarco, the bankrupt US copper mining company, by agreeing to forfeit its right to most of a settlement worth $9bn.

In a statement to a Texas district court on Monday, Sterlite Industries, a majority owned unit of Vedanta, said if its “superior” take­over plan was confirmed over that of rival Grupo Mexico, it would allow Grupo Mexico to keep billions of dollars worth of shares it owes Asarco.