VEDANTA READY TO BUY INDIAN GOVT OUT OF HINDUSTAN ZINC, BALCO
Thu. July 16, 2009; Posted: 11:49 PM
tradingmarkets.com
NEW DELHI, Jul 17, 2009 (AsiaPulse via COMTEX) -- VDNRF | Quote | Chart | News | PowerRating -- Vedanta Resources Chairman Anil Agarwal on thursday said he is ready with Rs 80 billion (US$1.645 billion) to buy the Indian government's residual equity in Balco and Hindustan Zinc (BSE:500188), for which he will meet the Finance Minister this month.
In the face of the huge fiscal deficit, the government also needs to raise money from different sources, Agarwal said, adding that he is ready to exercise his option to buy equity in the two erstwhile PSUs in which he had acquired a majority stake during the NDA rule.
Besides, Agarwal said that he would be interested in buying some loss-making PSUs if the government decides to put them on the block.
"I will meet the Finance Minister (Pranab Mukherjee) and Mines Minister (B K Handique) this month and exercise the call option. Once the government agrees, we will buy the shares within sixty days," he said in an interview on the phone from London.
"We are looking at Rs 70-80 billion for buying residual equity in Hindustan Zinc and Balco. We have it," the NRI billionaire said.
As part of the privatisation programme initiated by the Vajpayee government, Vedanta had bought a 51 per cent stake in Bharat Aluminium Company (Balco) for Rs 5.51 billion and 64 per cent in Hindustan Zinc (HZL) for over Rs 7.50 billion.
(PTI)maz |
