Call on Hindustan Zinc, Balco stake sale soon: P Chidambaram

NEW DELHI: Finance minister P Chidambaram said government could soon take a proposal to sell residual stake in Hindustan Zinc and Balco. The government's 29.5% stake in Hindustan Zinc is worth over 16,000 crore at current prices. It has a 49% stake in unlisted aluminium company Balco.

"I think the paper has been moved by the mines ministry so I suppose the ministry of finance will offer its comments and matter will go to Cabinet, "Chidambaram said.

Vedanta group chairman Anil Agarwal had recently written to PM Manmohan Singh requesting a decision on the pending stake sale.

Sterlite Industries, a Vedanta group company, had acquired 51% stake in Balco in 2001 for 551 crore. The same company had in two tranches acquired 45% stake in Hindustan Zinc for 750 crore.