Vedanta to divest its foreign Zinc assets to Hindustan Zinc

Vedanta has approved the sale of it’s international Zinc assets in South Africa and Namibia to it’s subsidiary Hindustan Zinc (HZL). The transaction is valued at $2.98 bn (approx Rs 25,000 cr) It’s an all-cash deal, which would be completed in a phased manner over 18 months Valuations are estimated at 14.9x FY 24 EV/EBITDA. … Read more

Cabinet Empowers Pses To Divest Subsidiaries, Units, Jvs

The Union Cabinet Wednesday empowered the boards of public sector enterprises (PSEs) to recommend and undertake disinvestment or closure of the parent’s subsidiaries, units and stakes in joint ventures. The move is expected to give PSEs more power and autonomy to decide on disinvestments of their own units, in line with the new PSE policy … Read more

Pawan Hans Disinvestment: Govt Picks Star9 Mobility As Winner For ₹211 Cr Bid

The government has finalised disinvestment for state-owned helicopter service provider Pawan Hans Ltd, according to an official statement on Friday. An empowered cabinet group picked Star9 Mobility Private Ltd as winner for buying 51% stake in Pawan Hans. The asset sale plan will help bridge the budget gap and meet spending targets as the economy … Read more

Budget 2022: Modi govt’s final Rs 51,000-crore goodbye to Air India

In a final goodbye of sorts to Air India, finance minister Nirmala Sitharaman announced the allocation of Rs 51,000 crore towards clearing Air India’s dues to various banks. This assumes significance since after the sale of Air India to the Tata group, almost Rs 46,000 crore of the airline’s Rs 61,000 crore debt was supposed … Read more