Mining giant Vedanta plans to buy government stake in Hindustan Copper, Auto News, ET Auto
New Delhi:Mining giant Vedanta Group will seek to make an offer to buy the government’s stake in Hindustan Copper Ltd as when the state-owned company is privatized, billionaire founder Anil Agarwal said. He said the company is doing their due diligence for the same.
“Yes, we are looking for (at) Hindustan copper. We are doing due diligence … The dates haven’t come … As soon as they announce the date, things will be a lot more exciting and people will start. to believe the process is happening in India, ”Agarwal said when asked if he was considering participating in the government’s divestment process.
Speaking of progress on the Konkola copper mines in Zambia, he said the government of that African country was working with the company on the issue.
The previous government a few years ago “took that trump card away from us. They have already announced that they are working, because they want to have the best relationship with the Indian government … I hope that in a very short time we will get this asset back and we will invest a lot of money in it. money to modernize it and create jobs there, ”he told PTI.
Asked about his intention to delist his US custodian shares from the New York Stock Exchange (NYSE), Agarwal said they had already requested the same.
“We are awaiting their confirmation,” he said. He added that the US custodian shares were announced about 15 years ago and until then there had been no movement and there was a lot of expense to continue listing and one had to deposit. a lot of documents every year for this.
Since there was no movement, there was no benefit in pursuing ADR, Agarwal said. “At the same time, the Indian stock exchange is very, very strong and very governance-oriented … So in light of this, to reduce these expenses, to reduce unnecessary work, we have decided to withdraw from ADR “, did he declare.
Speaking of his investment plans in the coming years, he said they plan to invest around $ 20 billion in 2-3 years.
“It can be up to four years as well. Twenty-five percent on the technology side and 75 percent on the natural resources side, he said, adding that India has huge reserves of resources. natural and that the country had done good above ground on the agricultural side. and now “we have to go underground. We cannot remain a country based on imports, be it copper, gold, uranium or oil and gas. “
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