Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
According to Mines Secretary V L Kantha Rao, the government is committed to selling its share in Vedanta group company Hindustan Zinc through an offer for sale (OFS). The decision on this would be made after the market is tested.
The government holds a 29.54% stake in Hindustan Zinc, making it the largest minority shareholder in the firm. Rao stated, "We are committed to OFS," outside of this occasion. The announcement follows the mines ministry's rejection of Hindustan Zinc Ltd.'s demerger proposal. The secretary of mines stated, "Demerger, anyway, we have not agreed."
When asked to comment on when the offer for sale company is expected, Rao said, "There is no point doing OFS when the market is not ready. Let me test the market do the roadshow and then we will decide." The Supreme Court in 2021 allowed the government to disinvest its residual stake in Hindustan Zinc in the open market.
Earlier, Hindustan Zinc had said that it will continue to engage with the Centre on its proposal to split the company into different entities, a top official said. The company had said it is still in talks with the mines ministry on the proposal and is trying to address some issues. The Vedanta group firm had announced plans to spin off its businesses into separate entities, including zinc and silver, to increase its market capitalisation.
Rao had said, "Whatever report we have in front of us we are not convinced as a shareholder." In this regard, Hindustan Zinc had engaged a leading advisory firm to study its plans to spin off the business. It had said the company's board decided to undertake a 'comprehensive review of its corporate structure for unlocking potential value'. Hindustan Zinc is engaged in zinc, lead and silver businesses.
Also Read : Petronet LNG warns defaulting customers on dues, proposes resolution with extra business Kalyani Steel signs ₹11,750 crore MoU with Odisha govt for manufacturing plant
The Indian steel market could face challenges from potential dumping due to the recent tariffs impos...
US 17-Feb-2025
The government has formed a task force to investigate the use of biochar in steel manufacturing as p...
Notification 01-Apr-2024
Adani Green Energy declared the opening of a 180 MW solar power plant at Devikot, Rajasthan, which i...
Renewables 27-Mar-2024
India's coal-fired generators have managed to amass record stocks of fuel for the end of February, e...
Raw Material 29-Feb-2024
In a recent address at the inauguration of the REVA University Centre of Excellence for Geopolitics...
Press Releases 29-Feb-2024
India is planning to build its first commercial crude oil strategic storage as part of efforts to sh...
Oil & Gas 03-Apr-2024