The company will spin off its metals, power, aluminium and oil and gas businesses and an official announcement is likely this week, the source said.. — Reuters
NEW DELHI: Indian conglomerate Vedanta Ltd will separate its commodities businesses into four companies to get better valuations, a source with direct knowledge of the move told Reuters yesterday.
The company will spin off its metals, power, aluminium and oil and gas businesses and an official announcement is likely this week, the source said.
The move will need shareholder and other regulatory approvals and the process could take two to three months, the source said, declining to be named as they are not authorised to speak to the media.
Vedanta did not immediately respond to a Reuters’ request seeking comments.
The company was valued at 776.29 billion rupees (US$9.33bil) as of Wednesday, down by about a third so far this year.
Chairman Anil Agarwal said last month that Vedanta will consider separately listing all or some of its businesses.
This is in contrast to his failed attempt in 2020 to delist Vedanta to speed up the process of simplifying its corporate structure. — Reuters
