iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Government opposed to purchase of Vedanta Ltd's international mining assets by Hindustan Zinc

17 Feb 2023 , 07:40 AM

According to Hindustan Zinc CEO Arun Misra, who talked to ET, the business intends to contact the mines ministry to resolve the disagreements about the purchase of holding company Vedanta Ltd.’s international mining assets. 

The government, which has 29.54 % ownership in Hindustan Zinc Ltd (HZL), privatized more than two decades ago, has raised several concerns, including the valuation of the assets.

According to Misra, the meeting is scheduled for soon.

‘Many newspapers are reporting on the opinions of different minority shareholders, which we are reading. I haven’t personally met anyone. I won’t be able to remark until after I’ve met them and fully understand their viewpoint. I won’t be able to remark on other people’s comments that I can’t directly verify ‘said Misra to PTI.

A news report claims that all three of the three government directors on the nine-member HZL board voiced their opposition to the proposal.

Misra continued, ‘We don’t comment on what happened within the board room because board meeting deliberations by law are also solely the output of the board meeting that gets filed.’

Vedanta said last month that it will sell Hindustan Zinc Ltd’s global zinc assets for USD 2,981 million in cash.

Vedanta owns 64.92% stake in HZL.

The transaction will likely be finished in stages over 18 months, provided all necessary regulatory permissions are received in a timely manner.

Lead, silver, and zinc are all produced in-house by Hindustan Zinc.

For feedback and suggestions, write to us at editorial@iifl.com

 

explored-media

Related Tags

  • Hindustan Zinc
  • metals
  • Mines
  • Vedanta
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.