Setback for Vedanta; Mines Min opposes Hind Zinc stake sale

CNBC-TV18's Anshu Sharma reports that the mines ministry has once again cited the law ministry’s views, that a stake sale is not tenable unless the act is amended.
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Sep 16, 2013, 08.24 AM | Source: CNBC-TV18

Setback for Vedanta; Mines Min opposes Hind Zinc stake sale

CNBC-TV18's Anshu Sharma reports that the mines ministry has once again cited the law ministry’s views, that a stake sale is not tenable unless the act is amended.

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Setback for Vedanta; Mines Min opposes Hind Zinc stake sale

CNBC-TV18's Anshu Sharma reports that the mines ministry has once again cited the law ministry’s views, that a stake sale is not tenable unless the act is amended.

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Anshu Sharma (more)

Senior Correspondent, CNBC-TV18 |

Attorney General Goolam Vahanvati may have paved the way for the sale of the government’s residual stake in Hindustan Zinc to Vedanta, but the Mines Ministry has written a fresh letter to the Prime Minister’s Office, opposing any further stake sale without amending the Metals Corporation Act of 1976.

CNBC-TV18’s Anshu Sharma reports that the ministry has once again cited the law ministry’s views - a stake sale is not tenable unless the act is amended.

This comes as a setback to Vedanta, which has already taken shareholder approval for purchasing the balance government stake in HZL and Balco for a sum of Rs 25,000 crore.

Unless this objection is overcome, the government’s intent of mopping up revenue through this sale is unlikely to fructify any time soon.

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Setback for Vedanta; Mines Min opposes Hind Zinc stake sale

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