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Vedanta's plan to trim debt hits roadblock as govt opposes Hind Zinc deal

The government has threatened to take legal action to stop Agarwal's Vedanta Group from selling the unit to its subsidiary Hindustan Zinc Ltd., which is around 30% state-owned

Anil Agarwal, Vedanta Chairman
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Photo: Bloomberg

Ruchi Bhatia and Swansy Afonso | Bloomberg
Indian billionaire Anil Agarwal’s plan to trim a massive debt pile hit a roadblock after New Delhi said it would block the sale of a zinc manufacturing unit.
 
The government has threatened to take legal action to stop Agarwal’s Vedanta Group from selling the unit to its subsidiary Hindustan Zinc Ltd., which is around 30% state-owned. 

The move throws a spanner in London-based Agarwal’s plan to use the proceeds from the sale to trim Vedanta Resources Ltd.’s debt. S&P Global Ratings flagged earlier this month that the company’s debt scores may “come under pressure” if it’s unable to raise $2

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First Published: Feb 20 2023 | 1:23 PM IST

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