‘Have positive indications on buying govt stake in HZL’

Nov 16 2013, 04:39 IST
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SummaryVedanta Resources on Friday said it has received positive “indications” from government

Vedanta Resources on Friday said it has received positive “indications” from government on the mining conglomerate’s move to acquire the remaining stake in the state-owned Hindustan Zinc, and it may happen soon.

“We are also looking forward... (buying remaining stake of government in) Hindustan Zinc should happen. We are engaged with the government and it should happen,” Vedanta chairman Anil Agarwal said in a conference call, announcing Vedanta’s results for April-September, 2013.

“We are getting the indications but it is a democratic process. Sometimes it gets delayed but it will happen,” Agarwal added.

The government has not taken a final decision yet on selling stakes in two erstwhile PSUs, including HZL, and the consultation in on between various departments. The mines ministry had said in a draft Cabinet note last month that Parliament approval is required for selling HZL’s remaining shares as it was incorporated through a statute. However, finance ministry has taken a contrasting view, saying that HZL is no more a PSU and selling shares through auction route does not require Parliament nod.

During 2001-2003, Vedanta had acquired 51% stake in Balco and 64.92% stake in HZL. On October 30, it had renewed shareholders’ nod to empower it for making offers for acquiring government’s remaining stake in HZL and Balco.

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