Vedanta Ltd. will sell its assets from THL Zinc Ltd. Mauritius to its majority 65% owned unit Hindustan Zinc for $2.98bn in cash. The sale is set to help consolidate the zinc businesses and cut down debt for its parent company Vedanta Resources Ltd that has $900mn in debt due in 1H 2023. Hindustan Zinc recently announced its third interim dividend of INR 13/share ($0.16/share), totaling INR 55bn ($676bn), where Vedanta Resources would receive 65% of it. THL Zinc has a presence in Africa, that include operations in South Africa and Namibia. Vedanta said, “This transaction will improve overall synergies between the businesses, market share gains as well as geographical diversification to a mineral-rich African continent”. Vedanta’s 8.95% 2025s led the rally, up 3.7 points to currently trade at 79.64.

For the full story, click here

Show Buttons
Hide Buttons