Vedanta, a metal and mining conglomerate, has received approval from 75 per cent of its secured creditors for the proposed demerger of its business into 5 independent entities for unlocking value to investors.
The company has said that the creditors have directed it to obtain clearance from stock exchanges and file demerger scheme with the National Company Law Tribunal for demerger.
The company claimed the demerger will create sector focused entities, aligned with India’s global leadership goals in critical minerals, energy security and renewables and technology sectors.
It will also simplify Vedanta’s corporate structure by creating independent businesses and will offer global investors direct investment opportunities in pure-play companies linked to India’s growth.
Shareholders on the record date to be announced will get one share of the new company to be formed with business interest in aluminium, Oil & Gas, Power, Steel and Ferrous Materials, Base Metals and holding company Vedanta.