Govt may okay Vedanta’s Rs.17k-cr offer

Dec 01 2012, 11:41 IST
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Anil Agarwal, Vedanta Group chairman Anil Agarwal, Vedanta Group chairman
SummaryWith the government keen to close out the sale of the residual stakes in Bharat Aluminium Company and Hindustan Zinc by the end of the fiscal, the London-listed Vedanta Resources is readying the Rs.17,000 crore it would need to pay for the equity, Vedanta Group executive chairman Anil Agarwal said on Friday.

the country would end up losing $4 billion worth of forex each year – against a potential of 600 million tonnes of iron ore development in a year, India produced only 169 million tonnes last year. “The only way India can provide employment is through industry and if we carry on denying industry permissions, it will keep industry away and we will remain an import-dependent economy,” Agarwal observed.

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