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Vedanta Offers $3.4 billion to Buy Stakes in Hindustan Zinc, Bharat Aluminium
Mar. 21, 2012 01:34PM PST
Base Metals Investing Business Week reported that Vedanta Group (LSE:VED) has offered $3.4 billion to purchase the Indian government’s interests in Hindustan Zinc Ltd. (NSE:HINDZINC) and Bharat Aluminium Co.
Business Week reported that Vedanta Group (LSE:VED) has offered $3.4 billion to purchase the Indian government’s interests in Hindustan Zinc Ltd. (NSE:HINDZINC) and Bharat Aluminium Co.
As quoted in the market news:
Buying the stakes will give Sterlite Industries (India) Ltd. (STLT), a Vedanta group company based in Mumbai, control over a combined 964,000 metric tons of annual zinc and lead-producing capacity and full ownership of a 2 million ton-a-year bauxite mine. The government is seeking to narrow its fiscal deficit through steps including asset sales and capping of expenses.