The government's plan to sell a 29.5 per cent stake in Hindustan Zinc Ltd (HZL) may not take place in the current fiscal year as the "lengthy process" could take a long time, a senior Department of Disinvestment (DoD) official said.

DoD joint secretary Sangita Choure said that the department was yet to begin the "lengthy" process of selling a stake in HZL, adding that he could not comment on the time line.

Speaking on the topic, Choure said, "The valuation of the government's stake is involved. We are yet to begin the process and cannot comment on the time line. It is not that we have the share price and can go by it. It will be a lengthy process."

Last month, the plan to sell 29.5 per cent residual stake in HZL was approved by the Cabinet Committee on Economic Affairs (CCEA). The government was expecting to pocket nearly Rs 17,000 crore from the stake sale.

Shareholders of the London-listed Vedanta Resources have already agreed to hike the company's offer from Rs 17,000 crore to Rs 21,000 crore to acquire the remaining stake in HZL.

Meanwhile, the Finance Ministry has reportedly convened a meeting to discuss selling the government's remaining stake in Bharat Aluminium Company (Balco). Sources said the meeting would be attended by top officials from the Mines Ministry, the Corporate Affairs Ministry, and the Department of Economic Affairs, among other.

The government own 49 per cent stake in Balco, and the selling of that stake would likely fetch more than Rs 3,000 crore to the national exchequer. The Congress-led UPA government aims at raise nearly Rs 40,000 crore through disinvestment in the current financial year.