Govt mulling selling residual stake in cos
disinvestment," Chidambaram had said.
Vedanta Resources, whose Board has the power to sweeten the offers by up to 25 per cent in the two firms in rupee terms (up to Rs 21,635 crore), had said last month that it is still waiting to get a response from the government on its January offer.
At present, Hindustan Zinc is the richest profit-making subsidiary of Vedanta with a cash and cash equivalent of Rs 19,136 crore as on September, 2012. The company had reported a net profit of Rs 5,526 crore and net revenues of 11,405 crore in 2011-12.
On the other hand, Balco is an unlisted subsidiary of Vedanta and its valuation has been a bone contention between the mining firm and the government.
Last week, the government raised Rs 808 crore by selling 5.58 per cent stake in Hindustan Copper, which was the firststake sale in a PSU in the current financial year. The government may pare some of its stakes in few more companies like NMDC before 2012-end.
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