"Whatever is fair. I am looking at the process, we are not looking at negotiating anything. Whatever is the right price, (there is a) process to be adopted," Vedanta chairman Anil Agarwal told reporters in New Delhi. "We know this is the process, transparent process and whatever is the price, that's the price," he said when asked whether Vedanta would sweeten the offer from what it had made in January.
The government, which currently holds a 29.5-percent stake in HZL and a 49-percent stake in Balco, is looking at exiting from the two firms in which majority stakes were sold to the mining giant during 2001-2003.However, valuations remain the hurdle for taking the deal through.
In January, Vedanta Resources had offered Rs 17,275 crore for the government's remaining stakes in HZL and Balco. But, that did not break the ice. Subsequently, its board got the shareholders' nod to sweeten the offer by up to 25 percent in the two firms. In October, the company said it is still waiting to get a response from the government on its January offer.
The mines ministry, meanwhile, suggested a few options to conducting proper valuation of the two erstwhile PSUs. "They (the government) have asked us...they have been talking to us and are very keen. I believe some decision will come. We are also little nervous... We will work with government," Agarwal said.
At present, Hindustan Zinc is the richest profit-making subsidiary of Vedanta with cash and cash equivalent of Rs 19,136 crore as on September, 2012. The company had reported a net profit of Rs 5,526 crore and net revenues of 11,405 crore in 2011-12.
On the other hand, Balco is an unlisted subsidiary of Vedanta and its valuation has been a bone of contention between the mining firm and the government.
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