Hindustan Zinc To Talk To Mines Ministry To Acquire Vedanta's Assets
Hindustan Zinc is planning to get in touch with the mines ministry to resolve the differences over the acquisition of overseas assets of holding company Vedanta Ltd, Hindustan Zinc CEO Arun Misra said.
Valuation of the assets is among several concerns flagged by the government, which holds a 29.54 per cent stake in Hindustan Zinc Ltd (HZL) that was privatised more than two decades ago.
The meeting is expected shortly, Misra said.
"...we are reading in various newspapers about the comments of various minority shareholders. I have not met anybody personally. Once I meet them and know exactly what is their view then may be I can comment. I won't be able to offer any comment on other's comments which I can't verify personally," Misra told PTI.
According to a source, the objections on the proposal were raised by all three government directors in the nine-member HZL board.
Misra further said that the "board meeting deliberations by law are also only the output of the board meeting that gets filed, so we don't comment on what happened inside the board room."
Anil Agarwal-promoted Vedanta had last month said it will sell its global zinc assets to Hindustan Zinc Ltd (HZL) for cash consideration of USD 2,981 million.
The source had further said, "The ownership of both the companies lies with Vedanta. Therefore, there is no need to buy the overseas asset."
Vedanta holds 64.92 per cent equity share of HZL.
Subject to receipt of timely regulatory approvals, the transaction is likely to be completed in a phased manner over a period of 18 months.
Hindustan Zinc is an integrated producer of zinc, lead and silver.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more