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 Vedantas 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 HZLs 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 governments remaining stake in HZL and Balco.