Home >Politics >Policy >India says stake sale in Hindustan Zinc, Balco unlikely in 2013-14
File picture of Hindustan Zinc. Photo: Mint
File picture of Hindustan Zinc. Photo: Mint

India says stake sale in Hindustan Zinc, Balco unlikely in 2013-14

The govt owns 29.5% of HZL and 49% of Balco and both the companies are majority owned by London-listed Vedanta Resources Plc

New Delhi: The government is unlikely to complete sale of minority stakes in Hindustan Zinc Ltd and Bharat Aluminium (Balco) this fiscal year, a finance ministry official said on Monday.

The government owns 29.5% of Hindustan Zinc and 49% of Balco. Both the companies are majority owned by London-listed Vedanta Resources Plc.

“The process which is required to be gone through before disinvestment can happen is a process that takes time and in our estimation it would not be completed before 31 March this year," economic affairs secretary Arvind Mayaram said. “Therefore, we have kept adequate provision for receipts from the sale of stocks in these two companies for next year."

Union finance minister P. Chidambaram, however, said the process of selling the government’s stake in Axis Bank Ltd was underway and was likely to be completed before end-March.

India aims to raise 569.25 billion from stake sale in state-run firms in 2014-15, the government said in its budget document on Monday.

The government also said it has revised the target for stake sale in state-run firms for the current fiscal year that ends in March to 258.41 billion.

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