‘No new offer from Vedanta on Balco, Hindustan Zinc sale’

Oct 29 2013, 11:25 IST
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SummaryThe government has not received any new offer from Vedanta Resources for acquiring its remaining stakes in Hindustan Zinc (HZL) and Balco, a senior official said on Monday.

The government has not received any new offer from Vedanta Resources for acquiring its remaining stakes in Hindustan Zinc (HZL) and Balco, a senior official said on Monday.

“There is no such intimation. They (Vedanta) have not approached us yet with any such offer. We have read it only in the newspapers that their (Vedanta) shareholders are meeting in London on revising the offers,” said the official in the mines ministry, while requesting not to be named.

Last week, Vedanta chairman Anil Agarwal said the government, is “unnecessarily spending so much time” on taking a final call on selling its remaining stake in HZL and needs to take a decision at the earliest.

“The government wants to disinvest. (They) can offload in the market, can give it to us but they have to take a view. (It) is unnecessarily spending so much of time (on taking a final decision),” he had said.

Vedanta has convened shareholders’ meeting on Wednesday, seeking their nod for empowering its board to raise the offers up to R24,663 crore. In January 2012, the mining major had offered R17,275 crore to buy the residual government stakes in two erstwhile PSUs.

Subject to shareholders approval on Wednesday, Vedanta Board will be empowered to offer up to R21,637 crore ($3.482 billion) for acquiring government’s remaining 29.5% stake in Hindustan Zinc.

For Bharat Aluminium Company (Balco), Vedanta Board can offer up to R3,026 crore for acquiring its remaining 49% stake from the government, subject to shareholders’ nod.

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