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    500188   INE267A01025

HINDUSTAN ZINC LIMITED

(500188)
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Hindustan Zinc to set up smelter in Gujarat state

10/14/2020 | 11:02am EDT

Ahmedabad (Reuters) - India's Hindustan Zinc Limited plans to set up a smelter in the western state of Gujarat, it said on Wednesday, potentially increasing the company's zinc refining capacity by a third.

Hindustan Zinc, which is majority owned by Vedanta, signed a memorandum of understanding (MoU) with the state government of Gujarat to set up a zinc smelter with annual capacity of 300,000 tonnes.

The company, which has annual zinc refining capacity of 917,000 tonnes, expects to start producing zinc at the smelter by the 2024 financial year, a company spokeswoman said, adding that the facility would be its second largest.

Hindustan Zinc, in which India's federal government owns a 29.7% stake, expects to invest at least 50 billion Indian rupees ($682.4 million) in the project, it said in a statement.

($1 = 73.2700 Indian rupees)

(Reporting by Sumit Khanna; Additional reporting by Sudarshan Varadhan in CHENNAI; Editing by David Goodman)

By Sumit Khanna


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HINDUSTAN ZINC LIMITED 0.63% 329.05 End-of-day quote.37.74%
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Financials
Sales 2022 280 B 3 768 M 3 768 M
Net income 2022 106 B 1 419 M 1 419 M
Net cash 2022 162 B 2 181 M 2 181 M
P/E ratio 2022 12,9x
Yield 2022 6,10%
Capitalization 1 390 B 18 678 M 18 688 M
EV / Sales 2022 4,38x
EV / Sales 2023 3,99x
Nbr of Employees 3 719
Free-Float 5,65%
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Arun Misra Chief Executive Officer & Executive Director
Kiran Agarwal Chairman
Laxman S. Shekhawat Operations Director
Rajendra Pandwal Secretary & Compliance Officer
Anjani Kumar Agrawal Independent Non-Executive Director
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