India News | Vedanta to Demerge Five Businesses into Separate Listed Firms
Get latest articles and stories on India at LatestLY. Mining conglomerate Vedanta Ltd on Friday announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to create shareholder value.
New Delhi, Sep 29 (PTI) Mining conglomerate Vedanta Ltd on Friday announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to create shareholder value.
"The de-merger is planned to be a simple vertical split, for every 1 share of Vedanta Limited, the shareholders will additionally receive 1 share of each of the 5 newly listed companies," the firm said in a stock exchange filing.
The Board of Vendata Ltd approved "a pure-play, asset-owner business model" that will result in aluminium, oil and gas, power, steel and ferrous materials, and base metals being demerged and listed separately.
Vedanta Ltd will continue to hold 65 per cent of Hindustan Zinc Ltd as well as the new businesses of stainless steel and semiconductor/display.
The entire exercise is proposed to be completed in 12-15 months.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)