India's Vedanta Limited on Thursday (19) said its board of directors has given nod to the proposed sale of its zinc international assets held by Zinc Ventures to a subsidiary of Hindustan Zinc Limited (HZL) for a cash consideration worth $2,981 million (£2.4 billion), Moneycontrol reported.
"...considered and approved the proposed sale of its Zinc International assets held by THL Zinc Ventures Ltd (Mauritius), a direct wholly owned subsidiary of the company... to the proposed wholly owned subsidiary of Hindustan Zinc Limited, another listed subsidiary of the company, for a cash consideration not exceeding $2,981 million (in a phased manner basis agreed milestones)..." according to the company's regulatory filing.
The transaction is likely to be completed in a phased manner over a period of around a year and half, subject to timely regulatory approvals, the company said.
It added that the agreements will be executed subsequent to the approval of the shareholders, the report added.
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