Vedanta Ltd. has approved the proposed sale of Zinc International assets to its listed subsidiary Hindustan Zinc Ltd., according to an exchange filing.
The assets include those held by its Mauritius-based wholly owned subsidiary THL Zinc Ventures Ltd. comprising 69.6% stake held in South Africa-based Black Mountain Mining and 100% stake in Namibia-based THL Zinc Namibia Holdings, it said.
The assets will be sold to Hindustan Zinc for $2.98 billion (Rs 24,260 crore) in a phased manner, over a period of 18 months and is subject to regulatory approval.
Vedanta owns 64.92% stake in the erstwhile government-owned Hindustan Zinc.
"The proposed transaction will unlock value, monetize the said Zinc assets and create substantial synergies for both THLZ and HZL," the filing said.
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