Govt planning to oppose Hindustan Zinc's proposal to buy Vedanta assets

The plan was pushed through even after government officials refused to approve it, they said, adding the government is trying to nudge Hindustan Zinc to withdraw the proposal

The government is planning to oppose Hindustan Zinc Ltd.’s proposal to buy global zinc assets of Vedanta Ltd. for $2.98 billion, people familiar with the matter said.

The government, which has nearly 30% stake in Hindustan Zinc that it intends to sell through offer-for-sale mechanism, is likely to vote against the plan on concerns ranging from high valuations to it being a related party transaction, the people said, asking not to be named as the information is not public.

The plan was pushed through even after government officials refused to approve it, they said, adding the government is trying to nudge Hindustan