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In June 2018, Vedanta had initially acquired the plant from Electrosteel Steels under the Insolvency and Bankruptcy Code. But with debt concerns around the company, Vedanta Resources is looking out for the possibility of selling the asset.
Investec sees the Vedanta demerger as a strategic move that will eventually make it easier for the promoter to consider monetisation or delisting.
The 5 new companies will be named Vedanta Aluminum, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials and Vedanta Base Metals. Vedanta will act as an incubator for Vedanta Group, while also functioning as the holding company for Hindustan Zinc.
Vedanta (VEDL) shares gained on Tuesday after the company approved restructuring that includes demerger
About a decade after combining all its businesses into Vedanta Ltd and then announcing a plan to make the company private, its chief, Anil Agarwal has now decided to split the business into six companies based on their business lines. The companies demerged from Vedanta would be Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, and Vedanta Base Metals.