 "Govt approves stake sale in Hindustan Zinc, BALCO")
Government has approved the sale of its residual stakes in Hindustan Zinc Ltd and Bharat Aluminium Co (BALCO), Finance Minister Arun Jaitley said on Friday.
The government owns 29.5% of Hindustan Zinc and 49% of BALCO. Both the companies are majority owned by London-listed Vedanta Resources Plc. In October, mining conglomerate Vedanta won the backing of its shareholders to offer up to $3.48 billion to buy the government's stakes in the companies.
Jaitley also said it will publicly list steel company Rashtriya Ispat Nigam and sell a 10% stake in the entity this fiscal year ending March.
The government is also planning to sell a 5% stake in state-run Steel Authority of India and a 10% stake in Hindustan Aeronautics this fiscal year to shore up its finances, Jaitley added.
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