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Hindustan Zinc incorporates fertilisers subsidiary

The objective of the newly formed entity will be to carry on the business of manufacturing, selling, and dealing with multiple grades of nitrogenous, phosphatic, and potassic fertilizers.

September 08, 2022 / 12:27 PM IST
 
 
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Mining and resources producer Hindustan Zinc has formed fertiliser subsidiary in the name of Hindustan Zinc Fertilisers, the company said in an exchange filing on September 8.

The objective of the newly formed entity will be to carry on the business of manufacturing, selling, and dealing with multiple grades of nitrogenous, phosphatic, and potassic fertilizers.

Last week, Hindustan Zinc said that it has executed a long-term renewable power delivery agreement (PDA) up to a capacity of 200 MW with SPV, namely Serentica Renewables India 4 Private Limited.

The company announced an investment of Rs 350 crore for a 26 percent stake in the special purpose vehicle (SPV) that was created on February 18 for the implementation of RE power projects.

Currently, Vedanta Ltd holds 64.92 percent in HZL, while the government holds 29.53 percent. Only a 5.5 percent stake is with the public.

HZL was a Central Public Sector Enterprise (CPSE) under the administrative control of the Mines Ministry and was privatised in 2002.

The shares of Hindustan Zinc are trading flatline at 288.35 apiece today at 12.20 PM. The stock is down nearly 10 percent this calendar year.

Moneycontrol News
first published: Sep 8, 2022 11:59 am

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