Hindustan Zinc to purchase Zinc International assets from Vedanta

24 Jan 2023 CW Team

Vedanta, a company promoted by Anil Agarwal, announced that it would sell Zinc International assets to Hindustan Zinc for USD 2,981 million in cash. The sale of the Zinc International assets held by THL Zinc Ventures Ltd (Mauritius) (THLZV), a direct wholly-owned subsidiary of the mining and metals giant Vedanta, was approved by the company's board.

According to a filing by Vedanta, the assets held by THLZV through THL Zinc Ltd (Mauritius), which include shares in Black Mountain Mining Pty Ltd in South Africa (of which it owns 69.6%) and THL Zinc Namibia Holdings (Pty) Ltd in Namibia (of which it owns 100%), will be sold to the proposed wholly-owned subsidiary (SPV) of Hindustan Zinc Ltd (HZL) for a cash consideration not exceeding USD 2,981 million. 64.92% of the equity share capital of HZL is owned by Vedanta.

The proposed deal will depend on getting the required regulatory approvals. The transaction will likely be finalised over the course of 18 months in stages, provided that all necessary regulatory permissions are received in a timely way. The proposed merger will generate significant synergies for both THLZ and HZL, unlock value, and capitalise on the aforementioned zinc assets. Hindustan Zinc is nation's integrated producer of zinc, lead, and silver.

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