Hindustan Zinc Ltd (HZL), Indian miner of Zinc, Lead and Silver has announced plan to foray into international mining via acquisitions.
Mr. Arun Misra, Chief Executive Officer, HZL, in a press statement said that the company wants to build mining assets mainly in the stretch between South Africa and Europe. Also, HZL is looking for mines to be acquired between India and South Korea.
Mr. Misra further said that HZL currently has about ₹25,000 crore cash reserves on books and the resources for investment in India are limited. Therefore, HZL is exploring acquisitions outside India to build a sizeable global portfolio.
HZL is part of Vedanta group since disinvestment by the Indian Government in 2002-03. Vedanta holds around 65% stake in the company and 29.5% stock is with Government of India.