The sale of the remaining 29.54 per cent government stake in Hindustan Zinc is likely only after a finality is reached on Vedanta’s planned sale of global zinc assets to the erstwhile PSU, according to an official.

With the government’s offer for sale plans in HZL in limbo, it is unlikely that the disinvestment would happen by March, and hence it could miss its revised asset sale target of Rs 50,000 crore for the current fiscal.

So far in the current fiscal, the government has mopped up Rs 31,107 crore from stake sales in CPSEs. It was planning to sell its 29.54 per cent in HZL to meet the revised target.

The stake sale in HZL is likely only after clarity is received on whether the overseas zinc asset transfer is happening and whether minority stakeholder concerns have been addressed, the official said.

“Investors are asking us whether the foreign asset transfer is happening. We want to sell stake only when there is clarity on the issue. We don’t want to rush into selling the stake,” the official added.

Since it is a related party transaction, it should be a cashless asset transfer, the officer said.

Last month, the government said it will explore all legal options in the matters related to the plans of Anil Agarwal-promoted Vedanta to sell its global zinc assets to HZL.

The mines ministry has urged Vedanta to explore other cashless methods of acquisition of these assets.

Valuation of the assets is among several concerns flagged by the government.

Vedanta had in January said it will sell its global zinc assets to HZL for a cash consideration of $2,981 million. Vedanta holds a 64.92 per cent equity share of HZL.