Anil Agarwal just bought himself more time

By pushing for a sale of Vedanta’s global zinc assets to Hindustan Zinc, he may have spooked the government into scrapping a plan to divest its stake in the company.

It’s not the kind of faux pas that you would expect from Anil Agarwal, chairman of Vedanta Resources.

Agarwal proposed the sale of the global zinc assets of Vedanta Resources to the locally listed Hindustan Zinc, in which the government of India holds a 29.5% stake, for $2.9 billion. On 19 January, despite reservations expressed by the three government nominees, Hindustan Zinc’s nine-member board ratified his proposal. This was only to be expected given that Vedanta Ltd owns 65% of Hindustan Zinc. Vedanta Ltd, in turn, is owned by Vedanta Resources.

On the face of it, there appear to be …

Author

T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor

surendar@mailtmc.com

Mumbai