Hindustan Zinc awaits Ministry approval for restrucuring

22 Jan 2024 CW Team

Hindustan Zinc's plan for restructuring its business to establish a minimum of two distinct business entities within the zinc, lead, and silver verticals is awaiting approval from the Centre, specifically from government-appointed directors on the Vedanta-owned company's board, as per sources.

It has been communicated by the Mines Ministry, a minority shareholder, to the company that any restructuring of business operations would necessitate clearance from them.

According to sources, Arun Misra, CEO and Wholetime Director of Hindustan Zinc, mentioned that the required clearances are expected to be obtained before the upcoming board meeting in April. He stated, "We are collaborating with the Mines Ministry... and most likely, these clearances should be in place before the next board meeting scheduled in April."

The current board consists of nine members, with Priya Agarwal Hebbar, Anil Agarwal?s daughter, serving as the Chairperson. Among them, three members are government nominees.

Vedanta, owned by Anil Agarwal, holds a majority stake of 64.92%, while the Centre, represented by the Mines Ministry, possesses 29.54%. The remaining 5.54% constitutes public shareholding.

The government-appointed nominees comprise Nirupama Kotru, an IRS officer and presently Joint Secretary and Financial Advisor with the Ministry of Coal and Ministry of Mines, who has been a director since July 26, 2021; Veena Kumari Dermal, a Joint Secretary in the Mines Ministry, who joined the board from July 29, 2021; and Farida M Naik, also a Joint Secretary in the Ministry, serving as a director since March 2017.

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