Business Standard
Sterlite to push govt on HZL
Edited by : AL CIRCLE
1 min read
With the government agreeing to consider Sterlite’s fresh offer to buy the residual stake in Bharat Aluminium Company Ltd (Balco) at a mutually agreeable price, a resolution of the long stand-off between Vedanta Resources and the central government is in sight. Sources familiar with the development said this would pave the way for Hindustan Zinc Ltd’s (HZL’s) stake buy, as well.
They said the company was looking to push the government to sell its 29.5 per cent stake in HZL at the same time. A company official close to the development told Business Standard that Sterlite, an arm of Vedanta, had been looking to buy the government’s stake in HZL for a long time. “With the two parties finally heading somewhere with regard to the Balco stake pricing, Vedanta is keen to push for HZL’s stake,” he said.
The sources, however, could not confirm whether the company and the government had initiated talks on HZL. An email sent to the company remained unanswered.
They said the company was looking to push the government to sell its 29.5 per cent stake in HZL at the same time. A company official close to the development told Business Standard that Sterlite, an arm of Vedanta, had been looking to buy the government’s stake in HZL for a long time. “With the two parties finally heading somewhere with regard to the Balco stake pricing, Vedanta is keen to push for HZL’s stake,” he said.
The sources, however, could not confirm whether the company and the government had initiated talks on HZL. An email sent to the company remained unanswered.
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