Mines Ministry has told Finance Ministry that selling government’s stake in Vedanta-controlled Hindustan ZincBSE 1.24 % (HZL) is not a “wise move” as it is the only firm in India controlling production of the metal, considered strategic due to its large scale industrial utility. In 2002-03, the government sold its 64.92 per cent stake in HZL to NRI billionaire Anil Agarwal-led Vednata Resources, while retaining 29.54 per cent. In 2012, Agarwal offered about $2.57 billion to buy the government’s remaining stak .. Read more at: http://economictimes.indiatimes.com/articleshow/50704970.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Source: Economic TimesStake sale in Hindustan Zinc not a ‘wise move’, says Mines Ministry.
Industry: Mining 2016-01-25