Govt may part with control in HZL selloff

new delhi: government divestment in hindustan zinc, scheduled to be taken up on wednesday, will set several trends and mark several departures from the disinvestment process till now. the trends and departures would stem out of the fact that this is the first psu where the government would actually be divesting 26 per cent stake with management control to the strategic partner even while the government continues to hold 49.92 per cent stake in the company. presently, government stake in hindustan zinc is 75.92 per cent. divestment of management control with minority stake is being considered in other sectors such as the airlines, but these sell-offs are yet to take off. significantly, hindustan zinc is also a psu where the government is reinviting bids. earlier, the government decided against the sell-off as the bid price was below the reserve price. subsequently, many of the potential bidders expressed disinterest in the bidding. the new bid document now incorporates several changes to make the bidding process interesting to potential investors. the six bidders in the running now include foreign companies, glencore international ag and metdist industries. the indian bidders include binani, indogulf, sterlite and allied deals. bhushan steel has backed out of the deal.