Financial Daily from THE HINDU group of publications
Friday, Apr 12, 2002
Mergers & Acquisitions
Industry & Economy - Disinvestment
Sterlite concludes HZL deal; pays Rs 445 cr to Govt
NEW DELHI, April 11
THE Sterlite group on Thursday concluded the deal for buying a controlling stake of 26 per cent in Hindustan Zinc Ltd (HZL) by paying the bid price of Rs 445 crore to the Union Government.
Sterlite Industries Ltd and Sterlite Optical Technologies Ltd had set up a special purpose vehicle, Sterlite Opportunities and Ventures Ltd, to carry out the acquisition plan.
In accordance with the terms of the shareholders' agreement, Sterlite has appointed Mr K.K. Kaura as the new Managing Director of HZL, sources said.
The Government has appointed Mr A.K. Kundra, the Union Mines Secretary, as the new Chairman of HZL.
The board of HZL has been reconstituted with six members representing the Sterlite group; the Government has five nominees.
The Sterlite group will be represented on the HZL board by its Chairman, Mr Anil Aggarwal, Mr Navin Aggarwal, Mr C.V. Krishnan, Mr Tarun Jain and Mr C.A. Sundaram.
Mr S.P. Gupta, Mr S. Behuria and Mr A.C. Wadhwan will be representing the Government on the board of HZL.
The first meeting of the reconstituted board of HZL was held here today.
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