Indian government rejects Hindustan Zinc’s plan to split company, source says

India has rejected a proposal by miner Hindustan Zinc to split the company into different units, a government source aware of the matter said on Friday. The Indian government is the largest minority shareholder in Hindustan Zinc, owning a 29.54% stake, but was not consulted by the company when it decided to split the firm to create separate entities for its zinc, lead, silver and recycling business, the government source said requesting anonymity. Hindustan Zinc had said the plan would unlock "potential value" of the company, but the government official said it was unlikely to create value for shareholders.