Cabinet okays government’s 29.54% stake sale in Hindustan Zinc

With the government finances coming under stress due to the latest excise duty cuts on petrol and diesel, the Cabinet on Tuesday approved the sale of the Centre’s residual 29.54% stake in Hindustan Zinc (HZL) worth about Rs 38,000 crore at the current market prices, to bolster non-tax revenues, sources said.

With the privatisation of BPCL now on the backburner, the sale of the HZL stake is likely to be the largest deal this year for the government in terms of revenue potential.

As per the Supreme Court order dated November 18, 2021, the Centre can sell its residual stake in HZL in the open market in accordance with the Sebi rules.

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