The Vedanta Group, which is owned by billionaire Anil Agarwal,, has said that it is willing to offer $3.4 billion for acquiring the remaining stake of the Indian governments in Hindustan Zinc and Bharat Aluminium.
A committee of minters from various ministries including law, corporate affairs, finance and mining held a meeting yesterday and decided to seek the recommendation of the group of ministers on the proposal put forward by Vedanta Group.
Vedanta's Mumbai-based unit Sterlite Industries can acquire the remaining stake and take complete control of the units. It the proposal in accepted it will have control over a combined 964,000 metric tons of annual zinc and lead-producing capacity and ownership over a 2 million ton-a-year bauxite mine.
The government is aiming to bring down its fiscal deficit through asset sales and limiting of expenses. Vedanta has offered 150 billion rupees for one company and 20 billion rupees for the other company, and it is not known which value is being ffered for which company.
The government's 29.5 percent stake in Hindustan Zinc is valued at 162 billion rupees at the current share price, according to estimates. Sterlite, the nation's biggest copper producer, owns 64.9 percent of Hindustan Zinc
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