BALCO News

Keen to buy government's residual stake in Hindustan Zinc and Bharat Aluminium Co, Vedenta Resources Chairman Anil Agarwal Thursday said the government can get Rs 25,000 crore (about USD 3.7 billion) from stake sale.

Volatile stock markets may compel government to go slow in diluting PSU stocks in the stock market, said Finance Minister Arun Jaitley

Balco, part of Anil Agarwal-led Vedanta Ltd, on Monday said it has started the procedure to shut down its aluminium rolling business in Chhattisgarh - a move that will see 1,000 people losing jobs.

The government on Monday is believed to have alloted the three cancelled coal blocks, for which JSPL and Balco had emerged as the highest bidders in the recently concluded auctions, to state-owned miner CIL.

BALCO is a subsidiary of Vedanta group's Sesa Sterlite.

Banking on Modi government's determination to go ahead with disinvestment drive, Vedanta Resources chief Anil Agarwal said the company expects to pick up residual stakes in Hindustan Zinc and BALCO at "market driven value" soon.

The government is unlikely to sell its residual stake in Hindustan Zinc and Balco in the current fiscal as it looks at ONGC and Coal India disinvestments to meet the current year's target.

Weeks after government-appointed valuers visited the sites of Hindustan Zinc and Balco, Vedanta Resources Chairman Anil Agarwal on Friday discussed with Finance Minister Arun Jaitley issues related to residual stake sale in the erstwhile state-owned firms.

The government owns 29.5 percent of Hindustan Zinc and 49 percent of BALCO.