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Web Exclusive | February 2013

Govt needs Parliament nod for Hindustan Zinc stake sale

Mines Secretary Rajen Habib Khwaja informed media persons that the government must secure the approval of Parliament and work out modalities of share sale in order to divest its remaining holding in Hindustan Zinc.

Various options, including offer for sale (OFS) and e-auction routes are being considered by the government to offload its remaining 29.5 per cent stake in Hindustan Zinc.

Khwaja said there are lots of "complex" issues that need to be addressed before selling stake in the firm and no time frame can be given for that.

Stake sale in the firm needs Parliament approval because the company was formed through a statute and the Mines Ministry, the parent ministry of Hindustan Zinc, has not yet decided on approaching Parliament.

The Supreme Court had stayed the disinvestment of some petroleum companies in 2003 as they were formed through a statute and required Parliament approval, to become eligible for disinvestment.

Hindustan Zinc, which was also formed in the same way, needs Parliament nod for stake sale. In January, 2012, Vedanta Resources had offered Rs 17,275 crore for buying out remaining stake of the government in Hindustan Zinc and Balco and has been waiting to get a response since then.

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