Vedanta Resources has offered to pay Rs 16,000 crore to purchase the stake of the government in Hindustan Zinc (HZL) and Bharat Aluminium Company (BALCO). This valuation has been arrived at based on the January market price.
According to the company, the government had asked Vedanta to make an offer for buying out its stake. Vedanta had acquired majority stake in the metal and mining companies almost a decade ago. Presently, the government holds 29.54% in HZL and 49% in BALCO.
Addressing the media, Anil Agarwal, chairman of the London-listed Vedanta Resources said that he has made his offer and now it is up to the government to decide.
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