Vedanta to sell its international zinc assets to Hindustan Zinc for $2,981 million

Vedanta added the agreements will be executed subsequent to shareholders’ approval.

Vedanta Limited on January 19 said its board has approved the proposed sale of its zinc international assets held by Zinc Ventures to a subsidiary of Hindustan Zinc Limited for a cash consideration of $2,981 million.

"...considered and approved the proposed sale of its Zinc International assets held by THL Zinc Ventures Ltd (Mauritius), a direct wholly owned subsidiary of the company... to the proposed wholly owned subsidiary of Hindustan Zinc Limited, another listed subsidiary of the company, for a cash consideration not exceeding $2,981 million (in a phased manner basis agreed milestones)..." the company said in a regulatory filing.

Subject to receipt of timely regulatory approvals, the transaction is expected to be completed in a phased manner over a period of around 18 months, the company noted, adding that the agreements will be executed subsequent to shareholders’ approval.

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Through this agreement, Vedanta also mentioned that HZL's subsidiary SPV, to which the approved sale is being made, is not classified as part of the promoter/ promoter group of the company.

Meanwhile, shares of Vedanta Limited on Thursday (January 19) closed 2.04 percent higher at Rs 330.70 apiece on BSE.