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.
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So far it seems unlikely that the billionaire’s two children are interested in the business. The lack of a clear succession plan brings even greater urgency to Vedanta’s restructuring exercise.
Five years after buying ESL Steel for what seemed like a bargain, the Vedanta founder is in a hurry to sell the company. Except, he hasn’t had much luck with finding a buyer.
The government’s opposition to Hindustan Zinc’s plan to buy Vedanta Ltd’s global zinc assets for $2.9 billion could jeopardize the conglomerate’s efforts to trim its debt.