The Indian Government may delay selling its over 29% stake in Hindustan Zinc until there is a turnaround in the mining industry’s fortunes, according to unnamed officials cited by Reuters. The government had planned to sell a 5% stake in the business last financial year, but postponed the move as prices dropped after Vedanta, which owns a 64.9% stake in the business, announced it would purchase two of its zinc subsidiaries.
‘Govt may delay Hindustan Zinc share sale’
The Indian Government may delay selling its over 29% stake in Hindustan Zinc until there is a turnaround in the mining industry’s fortunes, according to unnamed officials cited by Reuters. The government had planned to sell a 5% stake in the business last financial year, but postponed the move as prices dropped after Vedanta, which owns a 64.9% stake in the business, announced it would purchase two of its zinc subsidiaries.