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CCEA approved the sale of Government’s residual stake of HZL

CCEA approved sale of the Government’s residual stakes of Hindustan Zinc worth 16500 crore rupees. Government holds 29.5% stakes of the company.

Jan 22, 2014 15:15 IST
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Cabinet Committee on Economic Affairs (CCEA) on 20 January 2014 approved the sale of the Government’s residual stakes of the Vedanta group controlled Hindustan Zinc (HZL). The approval has allowed the sale of the stakes worth 16500 crore rupees of HZL. At present, the government holds 29.5 percent stakes of the company. The CCEA was headed by Manmohan Singh, the Prime Minister of India.

This approval came following the consent of the Attorney-General of India on the proposal. The Attorney-General gave his consent for the sale of the stakes as HZL is no more a public sector company. Whereas, his previous view was to get an approval of the Parliament as the company was created by an Act.

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Earlier in 2002, the government sold a majority of stakes of India’s largest zinc maker to Anil Agarwal-led Vedanta Resources.

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