The government has raised objection over Vedanta's proposal to sell its international zinc business to Hindustan Zinc (HZL) for $2.98 billion over concerns of valuation. The government is likely to explore legal options to stop the sale of the Africa-based assets to HZL, in which it holds a 29.54 per cent stake. HZL in January agreed to buy THL Zinc Mauritius from its parent, Vedanta, for $2.98 billion in phases over 18 months.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
