NEW DELHI, Sept 29: 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. (PTI)
