THE CENTRE HAS opposed Vedanta-controlled Hindustan Zinc's (HZL) plan to demerge into three separate entities dealing with zinc & lead, silver, and recycling businesses, saying the reorganisation would lead to "unnecessary complications" without adding much value.
Zinc and silver, that represent the two key business verticals, are mined together, and separation of the two would be difficult, the government is learnt to have noted, in a communication to HZL's management.
The support of the Centre (ministry of mines) is crucial for the HZL plan as the demerger could require approval of threefourth of members/creditors in the relevant tribunal to go through. Minority shareholders with at least a 10% stake in the company can object to the proposal in the National Company Law Tribunal (NCLT).
On September 29, 2023, the HZL board asked the company to explore creating separate legal entities for its zinc and lead, silver, and recycling to unlock their value and better capitalise on their distinct market positions.
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