Vedanta makes efforts to buy government’s stake in Hind Zinc

0
258
A general view of the Vedanta aluminum refinery at Lanjigarh, some 420 kilometers south-west of Bhubaneswar on August 25, 2010, in the foothills of Niyamgiri hills in Orissa's Kalahandi district where British mining giant Vedanta Aluminum Limited (VAL) has set up a refinery. India struck down a controversial mining project that threatened a tribal group whose fate had been compared with the plight of the endangered Na'vi aliens in the blockbuster "Avatar". Environment Minister Jairam Ramesh rejected the proposal by British-based multinational resource giant Vedanta, owned by Indian businessman Anil Agarwal, to build an open-cast bauxite mine in the Niyamgiri Hills in the eastern state of Orissa. The 8,000-strong Dongria Kondh tribespeople believe the remote hills are the home of their god, Niyam Raja, and rely on the land for their crops and livelihood. AFP PHOTO/STR

Vedanta is trying to raise the offer so that it could buy the government stake in the company. At present, the situation of the stake holders is that the government holds 29.54 percent in Hind Zinc while the 64.92 percent is hold up by Vedanta.  

 

From some reliable resources, we acknowledged that Vedanta is stepping out and making efforts to buy the government stakes of Hind Zinc (HZL). Vedanta is trying to raise the offer so that it could buy the government stake in the company. At present, the situation of the stake holders is that the government holds 29.54 percent in Hind Zinc while the 64.92 percent is hold up by Vedanta. Vedanta has also appointed some renowned advisors to advice on revised pricing. Vedanta had given offer of USD 3,482 million to take the stakes of the government in Hind Zinc Limited and Balco. However, at present government is holding 49 percent in Balco.

LEAVE A REPLY