The Anil Agarwal-led Vedanta had been working with advisors to sell its steel business to raise around $2.5 billion for reducing the company's debt load
Shares of Vedanta Ltd., which controls the zinc business, jumped as much as 7.9% in Mumbai after the news, while Hindustan Zinc climbed as much as 6.6%.
Reinstating Vedanta as Konkola’s majority shareholder is “a substantial step in right direction,” said Pushpender Singla, director of the company’s zinc unit.