NITI Aayog Vice-Chairman Rajiv Kumar is set to hold a meeting on October 27th to discuss the possibility of strategic disinvestment of Hindustan Copper, persons in know of the matter said.

With regards to that, Chairman of Vedanta Group, Anil Agarwal has lauded Niti Aayog’s initiativet to spearhead the discussion on disinvestment of the state-owned Hindustan Copper.

“Today we import almost all our copper requirements despite reserves in Rajasthan Khetri, Malanjkhand, Gadshila and other places…a divested Hindustan Copper can create massive jobs and help our country eradicate poverty,” he wrote on Twitter.

NITI Aayog’s meeting is supposed to be held with top government officials and business heads, said persons in know of the matter.

“I Commend NITI Aayog for spearheading discussion on disinvestment of Hindustan Copper. World is looking at this disinvestment with keen interest,” Agarwal said in his tweet.

This comes at a time when in the month of September, Bloomberg news channel said that Vedanta has started approaching potential investors for the proposed India Direct Investment fund, which will buy stakes in government companies being sold as part of the country’s divestment program.

Agarwal has a net worth of about $2.5 billion and has made a series of acquisitions over the past few decades, including a significant stake in government-owned Bharat Aluminium Company (BALCO) and in 2002, the company purchased Hindustan Zinc Ltd.

In this year’s Union budget, the government had fixed a target of Rs 2.1 lakh crore rupees to be earned from disinvesting public sector units (PSU). Among other companies like LIC, Air India and BPCL, Hindustan Copper was also identified in the list.

“Vajpayee-led NDA Government planned a disinvestment of Hindustan Zinc and Hindustan Copper at the same time, but only the former happened,” Agarwal said in his tweet.

News Source: Livemint


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