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Mumbai:
The finance ministry has proposed the sale of the
government''s remaining shares in Hindustan Zinc Ltd to
the public. The cabinet committee on economic affairs
is likely to take up the issue at its next meeting.
The
government has 29.53 per cent stake in Hindustan Zinc
and the sale is expected to bring in over Rs7,200 crore
for the exchequer.
HZL
share price has more than doubled in the past 8-9 months.
The company''s shares currently rule at around Rs584
against Rs40.51 during the earlier stake sale in 2002.
The
plan is to offload government stake before April next
year as after which Sterlite, the strategic partner
in HZL, would get a call option to acquire it. The cabinet
has already circulated a note to this effect, reports
said.
Hindustan
Zinc Ltd (HZL), India''s leading zinc producer and the
only integrated zinc producer in India, is majority
owned by Sterlite Industries, flagship company of Vedanta
Resources, a London-listed metals and mining major with
aluminium, copper and zinc operations in the UK, India
and Australia,
HZL
has a refined zinc production capacity of 411,000 tonnes
per annum
and refined lead production capacity of 85,000 tpa and
has the advantage of own mineral resources and related
core competencies.
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