Govt approves stake sale in Hindustan Zinc, BALCO

The government owns 29.5 percent of Hindustan Zinc and 49 percent of BALCO.

Reuters| Last Updated: Jul 25, 2014, 13:40 PM IST

New Delhi: The new government has approved the sale of its residual stakes in Hindustan Zinc Ltd and Bharat Aluminium Co (BALCO), Finance Minister Arun Jaitley said on Friday.

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

In October, mining conglomerate Vedanta won the backing of its shareholders to offer up to $3.48 billion to buy the government`s stakes in the companies.