Vedanta steps up efforts to buy govt's stake in Hind Zinc: Srcs

Vedanta, in a bid to up its stake from the current levels, has stepped up efforts to buy out government's stake in Hindustan Zinc (HZL), learns CNBC-TV18 sources.Vedanta is likely to increase its offer to buy out government's stake in the company. Currently, Vedanta holds 64.92 percent and government 29.54 percent in Hind Zinc. CNBC-TV18's Kritika Saxena learns that Vedanta may have appointed advisors to advise on revised pricing. However, before making any revised offer with respect to Hindustan Zinc stake, nod from Vedanta PLC is required. In 2013, Vedanta had offered about USD 3,482 mllion to buy out government’s stake in HZL and Balco. The government currently holds 49 percent in Balco. It is currently examining options for a possible divestment in Balco and HZL, the power minister Piyush Goyal told CNBC-TV18. The government has also started seeking legal opinion on how to sell its residual stake in the companies. The government eyes Rs 25000 crore from the stake sale of HZL.Watch video for more...