New Delhi, Aug 6 (PTI) Diversified natural resources company Vedanta Ltd has filed the demerger scheme with the National Company Law Tribunal (NCLT) after receiving a nod from lenders and is hopeful of completing the process by the end of this fiscal, a senior company official said on Tuesday.
The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd.
Speaking with PTI, Vedanta’s CFO Ajay Goel said, “There is a very significant development ( on demerger). We have secured all approvals be it secured lenders, BSE, NSE, and SEBI. We have filed the scheme on Monday with NCLT and filing the demerger scheme with NCLT practically is the last step.” Now the proposed demerger, he said, will be a reality “very soon”.
“Our last commitment of demerger getting closed is by the end of this fiscal and we are very much on track,” he explained.
A few days back Vedanta Ltd had said it received approval from 75 per cent of secured creditors for the proposed demerger of its businesses. The demerger will help in simplifying the company’s corporate structure by creating independent businesses.
Moreover, it will also offer global investors direct investment opportunities in pure-play companies linked to the country’s impressive growth.
The company’s “existing businesses will be structured in the six independent companies after the demerger: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd,” it had said.
Mining conglomerate Vedanta Ltd reported a 36.5 per cent rise in consolidated net profit at Rs 3,606 crore for the quarter ended June 30, 2024, due to improved margins and robust cost reduction across all operations.
The company had posted a net profit of Rs 2,640 crore in the year-ago period.
The consolidated income of the company in the April-June period rose to Rs 36,698 crore over Rs 34,279 crore in the year-ago period, according to an exchange filing.
Vedanta Ltd, a subsidiary of Vedanta Resources, is a diversified global natural resources company with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminium and power across India, South Africa and Namibia.
The company has invested over 35 billion dollars in India and is making rapid expansion efforts through 50 strategic growth projects. PTI SID SID MR
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