Metals and mining major Vedanta on Thursday said that its board had approved the sale of its international zinc assets in South Africa and Namibia to subsidiary Hindustan Zinc (HZL) for $2.98 billion.
In a disclosure to the stock exchanges, Vedanta said the transaction would be an all-cash deal, which would be completed in a phased manner over 18 months. The deal is subject to regulatory approvals, including shareholders’ nod, Vedanta said.
Following the transaction, THL Zinc, which is a unit of Vedanta, and holds the international zinc assets, will become a wholly-owned subsidiary of Hindustan Zinc.
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