Vedanta: Stake sale talks ‘untrue’, ‘baseless’

NEW DELHI: Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as “untrue and baseless.”

This comes in the wake of news report which said mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 per cent of the company.

According to company’s spokesperson, “Any talk of stake sale in Vedanta Ltd is untrue and baseless.” The media report said stake sale in Vedanta is a last resort for Agarwal and will only be considered if other fundraising options fail.

Vedanta Resources which is a majority shareholder of Vedanta Ltd has been looking to reduce its debt through the sale of its zinc assets for a cash consideration of $2,981 million to Hindustan Zinc Ltd. But, the government which holds 29.54 per cent stake in Hindustan Zinc has sternly opposed this move.