• Tuesday, February 07, 2023

Business

Vedanta to sell international zinc assets to Hindustan Zinc for whopping £2.4b

Anil Agarwal, Group Chairman of Vedanta Resources (India) talks during a meeting at the 2018 Investing in African Mining Indaba at the Cape Town International Convention Centre, on February 5, 2018, in Cape Town. The Mining Indaba is the worlds largest mining event in Africa. / AFP PHOTO / RODGER BOSCH (Photo credit should read RODGER BOSCH/AFP/Getty Images)

By: Shubham Ghosh

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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