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Aluminium|Business|Energy|Power|Resources|Steel
Aluminium|Business|Energy|Power|Resources|Steel
aluminium|business|energy|power|resources|steel

Indian miner Vedanta's shareholders, creditors clear way for five-way split

21st February 2025

By: Reuters

  

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Vedanta's shareholders and lenders have approved the oils-to-metals conglomerate's plans to split into five separate entities, the company announced on Thursday, with nods from nearly all of its secured and unsecured creditors.

Group chairman Anil Agarwal launched the plan to overhaul the business in 2023 following an unsuccessful attempt to take Vedanta private in 2020 as its UK parent Vedanta Resources chips away at its debt pile, which stood at $11.36-billion as of September 2024.

The five entities from the split would include Vedanta, which will house the company's base metals business, Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy.

Vedanta had said in December that it would not carve out a separate entity for its base metals business, contrary to initial plans for six separate entities announced in September 2023.

The unit's demerger might be considered at a stage when higher value can be unlocked from the business, it said, adding that it will stay a part of the parent company.

Vedanta's aluminium business is the country's biggest producer of the metal and contributes to about 61% of the group's total revenue.

Edited by Reuters

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