AT A TIME when the government has objected to Hindustan Zinc's (HZL) plan of acquiring Vedanta's global zinc assets for around $3 billion as it is a related-party transaction, the company is looking at buying zinc mines in South American and South African countries or Europe. It is ready to spend anywhere around $1.5 billion-$2.5 billion for the right buy.
The company had earlier said its board's decision to buy Vedanta's global zinc assets can be taken forward only with shareholders' approval in a general meeting. It also said the notice calling a shareholders' meet to consider the transaction has not been issued so far.
A letter dated February 17 from the mines ministry had threatened legal action, if the company pursued the board decision of acquiring Vedanta's global zinc assets. HZL has said the letter would be placed before the next board meeting for consideration.
The government's stake in HZL stands at 29.54%.
The company, the country's largest and world's second-largest lead and zinc miner, would continue to invest $300 million as sustenance capex per annum.
Denne historien er fra February 28, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra February 28, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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