CCEA Approves the Sale of Remaining Stake in Hindustan Zinc

On Wednesday, the Cabinet Committee on Economic Affairs (CCEA) approved the sale of the remaining shares of the government of Hindustan Zinc (HZL) as the center is trying to accelerate its divestment efforts. According to the company's share price on Wednesday, selling the entire 29.5% stake in HZL would bring the center Rs 38,062 crore.

Officials said the government could sell stake in tranches through an offer for sale (OFS), the same being built by the Department of Investment and Public Asset Management (DIPAM). This will allow the center to approach the 2022-23 sales target of Rs. 65,000 crore.

Through the initial public offering (IPO) of Life Insurance Corporation (LIC) of India and the sale of Oil and Natural Gas Corporation, the center has raised Rs 23,575 in disposal revenue to date this year.

Last November, the Supreme Court ruled that the company was no longer a public sector undertaking (PSU) and allowed the center to sell its remaining shares of HZL. The center previously stated in its affidavit that the remaining 29.54% of the shares would be sold on the open market.