Vedanta Ltd., headed by Anil Agarwal, announced on Thursday that Hindustan Zinc Limited would purchase the company’s Zinc International assets for $2,981 million in cash.
The company’s board of directors approved the sale of its Zinc International assets held by THL Zinc Ventures Ltd (Mauritius), a wholly owned Vedanta subsidiary, through THL Zinc Ltd. at a meeting held on January 19. (Mauritius). Hindustan Zinc will acquire full ownership of THL Zinc Ltd.
The monetary payment will be made in stages based on predetermined milestones. The proposed acquisition is dependent on getting the required regulatory clearances.
This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.