Mines Min to send report on HZL, Balco to PMO after study

Mines Minister Dinsha Patel today said his Ministry would send the requisite report to the Prime Minister's Office (PMO) on sales of residual stakes in Hindustan Zinc (HZL) and Balco after going through all pros and cons minutely.

"The PMO has asked us to prepare the report. We have to discuss with the Law Department. We already have two rounds of meeting. We will try to send the report to the PMO as soon as possible," Patel said at an event organised by Indian Chambers of Commerce here.

The Minister said his department was not in a tearing hurry to prepare the report since it has been sent back by the PMO at least a couple of times.

"We will try to send the report at the earliest possibe. However, it has to be sent only after serious study. There is no need to hurry up things," Patel said.

Government eyes Rs 55,000 crore from stake sale in PSUs this fiscal. This includes Rs 15,000 crore from residual stake sale in some companies.

Billionaire Anil Agarwal-led Vedanta Group, the holding firm of Sterlite Industries, holds 51% stake in Balco and 64.9% stake in HZL. The remaining stakes in these two firms are with the government, which it wanted to sell to bridge the growing fiscal deficit.

When asked if his Ministry was not in favour of selling stakes in the companies, he answered in the negative. "This is not the case," he said.

Patel, however, did not give any time-farme when the sale of stakes in these two comanies would likely to take place.