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Govt raises objection over Vedanta's proposal to sell international zinc business to HZL

21 Feb 2023 Evaluate

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.

Peers
Company Name CMP
Hindalco Industries 934.00
Vedanta 253.50
Hindustan Zinc 560.60
Jain Resource Recycl 282.90
CMR Green Tech 223.35
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