Disinvestment of the government's remaining stake in Hindustan Zinc and Bharat Aluminium will happen next financial year. The process might not be completed before March 31, Economic Affairs Secretary Arvind Mayaram said on Monday.
To pad up its revenues by selling its residual stake in Hindustan Zinc (HZL) and Bharat Aluminium (Balco) within the current financial year, the government has started the process for valuation of these companies.
The Attorney General has cleared the way for the Union government to divest its residual stake in Hindustan Zinc Ltd through an auction, saying it was no longer a public sector company, according to official sources.
The Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Vedanta Group Chairman Anil Agarwal in connection with alleged irregularities in the disinvestment of Hindustan Zinc Ltd (HZL) during the period of national democratic
The government has decided to sell its remaining stake in Hindustan Zinc through auction route as it strives to meet the disinvestment target, and a formal proposal to the Cabinet in this regard will be sent soon, official sources said.
The Finance Ministry has recommended auction of government's minority holding in erstwhile state-run firm Hindustan Zinc saying Parliament approval on selling its residual stake is not needed as the company can no more be classified as a PSU, sources