WHILE THE GOVERNMENT is slated to sell a portion of its residual stake in Vedanta-controlled Hindustan Zinc (HZL) to the public in 2023, it has also firmed up a plan to sell its 49% stake in Bharat Aluminium Company (Balco), another metal company which went to the Anil Agarwal-led group in 2001. As a prelude to the sale, the government has urged Vedanta to drop the ongoing arbitration over the group's plan to exercise call option to acquire the 49% government stake in Balco.
Department of investment and public asset management (Dipam) secretary Tuhin Kanta Pandey told FE that the government wants Vedanta to list Balco. In the IPO, the government would sell a portion of its stake in the company to discover the price of the stock, before fully exiting in due course.
This story is from the April 03, 2023 edition of Financial Express Mumbai.
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This story is from the April 03, 2023 edition of Financial Express Mumbai.
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