New Delhi: London-listed metals and mining major Vedanta Resources Plc is still holding discussions with the Indian government to acquire the latter's residual equity stake in Hindustan Zinc Ltd and Bharat Aluminium Co Ltd (BALCO), but has yet not finalized the timeline for the same, Vedanta's Chief Executive Officer M S Mehta said Thursday.
"We have made the offer and we remain engaged (with the Indian government) but it is difficult to" provide a timeline at the moment, Mehta said, while speaking in a call to mediapersons.
Earlier in March, Vedanta's Chairman Anil Agarwal confirmed that the metal and mining major had offered Rs 160 billion to government for a 29.54% equity stake in Hindustan Zinc and a 49% stake in BALCO.
In 2001, the government divested 51% equity stake in state-run BALCO to Sterlite Industries, a part of Vedanta Resources, for Rs 5.51 billion. Later the following year, it diluted its 64% equity participation in Hindustan Zinc to the company.
The government had said last year that it will divest its remaining stake in BALCO at a higher valuation as it had sold its holding in the company to Sterlite earlier in "haste".
If Sterlite's proposal to acquire stake in Balco is accepted, then the mining firm will own 100% equity ownership in the state-run aluminium maker.
Earlier today, Vedanta Resources announced the financial results for fiscal 2011-12 and reported a 12.9% growth in its net profits to $4.026 billion, helped by earnings from recently bought Cairn India and higher output in zinc, silver, and power.