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(Reuters) -Hindustan Zinc, India's biggest producer of the refined metal, has approved a project worth 120 billion rupees ($1.39 billion) to ramp up capacity, the miner said on Tuesday.

Korea Zinc logo. /Courtesy of Korea Zinc On the same day, Korea Zinc acquired a 5% equity stake in TMC for $85 million (approximately 116.5 billion won).

Hindustan Zinc has approved a zinc metal complex project worth 120 billion rupees ($1.39 billion) as it looks to ramp-up capacity, the miner said on Tuesday.