Vedanta group has said that the company is still waiting for the final decision from the government over the proposed purchase of residual government stakes in Hindustan Zinc (HZL) and Bharat Aluminium Company (BALCO) by Vedanta's subsidiary Sterlite.

The remaining stake of the government in HZL and BALCO is estimated to be worth about Rs. 16,000 crore. The government has 49per cent stake in Balco and 29.5 per cent in Hindustan Zinc at present.

Vedanta group chairman Anil Agarwal said, "We have given them the offer but we have not heard anything from them. We have to arrange so much of funds, so we are not sure where we are at the moment." Mr. Agarwal was speaking after holding a meeting with petroleum and natural gas minister S Jaipal Reddy.

The offer from Vedanta comes at a time when the government is aiming to meet its divestment target for the quarter. The government get closer to achieving its target of generating Rs 40,000 crore from disinvestments.

The Securities & Exchange Board of India has already said that it will allow the top 100 companies by market value in the country to raise money by selling stake. According to experts, the investors will be able to participate in the stake sale just like in any other secondary share offer, but the government would save time and money.