NEW DELHI: The Union Cabinet on Wednesday approved the sale of government’s entire stake in Hindustan Zinc. The Centre holds 29.5 pc stake in Hindustan Zinc while Vedanta, the parent firm, holds 64.92 per cent stake. The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi.

Modi held the meeting hours after returning from the two-day Quad leaders’ Summit in Japan. Following the decision, shares of Hindustan Zinc surged seven per cent on Wednesday. The stake is valued at Rs 39,385.66 crore as on Wednesday, reports said. Hindustan Zinc is one of the largest integrated producers of zinc and lead in India. The government had offloaded 26 per cent stake in the firm in 2002, which was bought by Vedanta Group.