Vedanta Resources' efforts to manage its debt load were dealt a blow after the Indian government opposed the mining conglomerate's proposed $2.98 billion deal to move certain zinc assets from its flagship company to another in which it is a majority shareholder.
S&P Global had said the group's ability to meet its financial obligations beyond September would depend on a planned $2 billion fundraise as well as the proposed sale of THL Zinc Ltd, a Vedanta Ltd unit that holds zinc assets in Africa.
However, the Ministry of Mines, in its letter, urged Hindustan Zinc to "explore other cashless methods" for the deal. The government is looking to sell its entire stake in Hindustan Zinc as part of its efforts to replenish state coffers.
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India opposes Hindustan Zinc's $2.98 bln deal for Vedanta zinc assetsIndia's federal government has opposed Hindustan Zinc's proposed $2.98 billion acquisition of zinc assets from Vedanta Ltd , a letter from the government to the company showed on Monday.
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