An inter-ministerial panel on disinvestment today discussed appointment of merchant bankers for valuation of government's residual stake in HZL and Balco, the sale of which could fetch a minimum of Rs 24,000 crore to the exchequer.
"Separate valuers will be appointed for valuation of HZL and Balco stake. The IMG discussed floating of Request For Proposals (RFP) for appointment of valuers," an official said after the meeting of IMG headed by Disinvestment Secretary Ravi Mathur.
The government holds 49 per cent stake in Bharat Aluminium Company (Balco) and 29.5 per cent in Hindustan Zinc Ltd (HZL).
The disinvestment department is working hard to conclude the residual stake sale in the two companies in the current fiscal ending March.
The government had proposed to collect Rs 14,000 crore through residual stake sales in the two companies this fiscal.
The Cabinet has already cleared the residual stake sale in HZL and Balco through auction route.
During 2001-03, the government had sold majority stakes in the two erstwhile PSUs to the Vedanta group.
At present, London-listed Vedanta holds 64.92 per cent stake in HZL and 51 per cent in Balco.
In January 2012, Vedanta had proposed to acquire government's remaining stake in the two erstwhile PSUs for about Rs 17,275 crore.
Last October, shareholders gave their nod to raise offers for acquiring the remaining government stake in HZL and Balco by up to 43 per cent or Rs 24,663 crore.
After shareholders approval, Vedanta board is now empowered to make an offer of up to Rs 21,636.56 crore for the remaining government stake in HZL. For Balco, the offer can be up to Rs 3,026.14 crore.
