The Union Government is to incorporate a clause in the shareholders, agreement allowing the strategic partner to review Hindustan Zinc Ltd's plans to set up a Greenfield smelter at a cost of Rs. 1250 crores. This means that the strategic partner will be allowed to scrap the project in case basic economics of the project is altered. The strategic partner will have the freedom to review the project, as it will enable the government to realise greater revenue from the sale of equity. It has mandated global merchant banker BNP Paribas to act as the global advisor.In a bid to eliminate non-serious players from the race to acquire 26 per cent stake in Hindustan Zinc Ltd, the government also decided to ask the bidders for information, including details about any pending litigation against them, prior to short listing. BNP Paribas, in this connection, forwarded a questionnaire to the bidders seeking crucial details regarding the parties.
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