PTI | | Posted by Ritu Maria Johny
Anil Agarwal-promoted Vedanta on Thursday stated it’ll promote Zinc Worldwide belongings to Hindustan Zinc for a money consideration of USD 2,981 million.
The Vedanta’s board accepted the sale of Zinc Worldwide belongings held by THL Zinc Ventures Ltd (Mauritius) (THLZV), a direct wholly-owned subsidiary of the metals and mining main.
The belongings held THLZV by way of THL Zinc Ltd (Mauritius) comprising shares held in Black Mountain Mining Pty Ltd, South Africa (69.6 per cent) and THL Zinc Namibia Holdings (Pty) Ltd (100 per cent), Namibia, will likely be bought to the proposed wholly-owned subsidiary (SPV) of Hindustan Zinc Ltd (HZL) for a money consideration not exceeding USD 2,981 million, Vedanta stated in a submitting.
Vedanta holds 64.92 per cent of the fairness share capital of HZL.
The proposed transaction will likely be topic to receipt of obligatory regulatory nods.
Topic to receipt of well timed regulatory approvals, the transaction is prone to be accomplished in a phased method over a interval of 18 months.
“The proposed transaction will unlock worth, monetise the stated zinc belongings and create substantial synergies for each THLZ and HZL.
Hindustan Zinc is the nation’s built-in producer of zinc, lead and silver.