Govt opposes Hindustan Zinc’s proposed deal for Vedanta zinc assets: Report
The government holds a near 30 per cent stake in Hindustan Zinc, while Vedanta is the company's largest shareholder
Directors nominated by the government at Hindustan Zinc had dissented from the proposed deal announced on January 19, the letter showed.
By Reuters: India’s federal government has opposed Hindustan Zinc’s proposed $2.98 billion acquisition of zinc assets from Vedanta Ltd, a letter from the government to the company showed on Monday.
Directors nominated by the government at Hindustan Zinc had dissented from the proposed deal announced on January 19, the letter showed.
The government holds a nearly 30% stake in Hindustan Zinc, while Vedanta is the company’s largest shareholder.
According to the letter, the government reiterated its dissent to the “related party transaction”. “We would urge the company to explore other cashless methods of acquisition of these assets.”
The government will oppose any further resolutions on the deal and explore all legal avenues available to it, it added.
Hindustan Zinc and Vedanta did not immediately respond to Reuter’s requests for comment.
