Vedanta to Buy Indian Government’s Stake in Hindustan Zinc

Reuters reported that the new Indian government has okayed the sale of its residual stakes in Bharat Aluminium Co. and Hindustan Zinc Ltd. (BSE:500188).

As quoted in the market news:

The government owns 29.5% of Hindustan Zinc and 49 percent of BALCO. Both the companies are majority owned by London-listed Vedanta Resources Plc.

In October, mining conglomerate Vedanta won the backing of its shareholders to offer up to $3.48-billion to buy the government’s stakes in the companies.

Click here to read the full Reuters report.