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.