India’s Vedanta Ltd is planning to complete the sale of its steel assets by March 2024, group chairman Anil Agarwal told CNBC TV 18 on Tuesday.
The company in June began the review of its steel and steel raw material business. The recent announcement came after Vedanta approved restructuring of its major operations. The announcement brought cheers among the investors boosting the company’s share value by as much as 4% today. The company shares were trading 4.25% higher at ₹231.95 per share on BSE at 2:30 pm.
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Company’s restructuring plan includes demerger of its diversified business into six separate listed companies. The demerger will take around 12 to 15 months to complete, in case of receiving all mandatory approvals on time.
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As per the proposed demerger, the existing company will be split into different entities, ie Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd. Company’s existing shareholders will receive additional one share of each newly listed entities for one share of Vedanta.
