(PTI) Anil Agarwal-promoted Vedanta on Thursday said it will sell Zinc International assets to Hindustan Zinc for a cash consideration of USD 2,981 million.
The Vedanta's board approved the sale of Zinc International assets held by THL Zinc Ventures Ltd (Mauritius) (THLZV), a direct wholly-owned subsidiary of the metals and mining major.
The assets held THLZV through THL Zinc Ltd (Mauritius) comprising shares held in Black Mountain Mining Pty Ltd, South Africa (69.6 per cent) and THL Zinc Namibia Holdings (Pty) Ltd (100 per cent), Namibia, will be sold to the proposed wholly-owned subsidiary (SPV) of Hindustan Zinc Ltd (HZL) for a cash consideration not exceeding USD 2,981 million, Vedanta said in a filing.
Vedanta holds 64.92 per cent of the equity share capital of HZL.
The proposed transaction will be subject to receipt of necessary regulatory nods.
Subject to receipt of timely regulatory approvals, the transaction is likely to be completed in a phased manner over a period of 18 months.
"The proposed transaction will unlock value, monetise the said zinc assets and create substantial synergies for both THLZ and HZL.
Hindustan Zinc is the country's integrated producer of zinc, lead and silver.