In 2002-03, Vedanta bought 26 percent stake in Hindustan Zinc for Rs 445 crore. After the disinvestment, government holds 29.5 percent and Vedanta 64.9 percent stake in Hindustan Zinc.
Mining conglomerate, Vedanta Resources, on October 23 said it expects government to take a decision on its residual stake in Hindustan Zinc, one of the world’s biggest zinc producers.
In an exclusive interview to CNBC-TV18's Nisha Poddar, Anil Agarwal, founder and chairman, said, “The government was supposed to divest and give us balance 26 percent share. They haven’t given. We have made a lot of money for them.”
Talking about Anglo American, Agarwal said he support the management as it's one of the finest company, "Whenever we meet, I tell them that India should be the foothold of Anglo as they produce copper, iron ore, coal, platinum, diamond. Gently, I keep reminding them and telling them to look at India."
Agarwal, through Volcan Investments, the family trust of Vedanta Resources, owns a 19.35 percent stake in parent Anglo American.
He further said, "It’s one of my strategy so they should develop their business in India. Hopefully, one day they will start doing that."
On business front, Agarwal said he is trying to combine Anglo American and Hindustan Zinc's operations. However, plans to bring Hindustan Zinc and Anglo American together have not yet materialised, he said.(Source: CNBC TV 18)