+
Vedanta secures BSE and NSE clearances for demerger
ECONOMY & POLICY

Vedanta secures BSE and NSE clearances for demerger

Mining conglomerate Vedanta Ltd announced that it has secured clearances from the BSE and NSE for its proposed demerger. This development is significant as it facilitates Vedanta's plan to divide into six independent listed companies, including oil and gas and aluminum sectors. "BSE and NSE, via their letters dated July 31, 2024, and July 30, 2024, respectively, have conveyed that they have 'no objections/no adverse observations' on the proposed scheme," Vedanta stated in a regulatory filing. The company plans to file an application with the National Company Law Tribunal (NCLT) soon. "The scheme remains subject to receipt of other applicable statutory and regulatory approvals, including from the NCLT and the respective shareholders and creditors, under applicable laws," the filing added. Vedanta Ltd disclosed that it had received approvals from the majority of its creditors for the proposed demerger, marking a crucial step towards its plan to split into six independent listed companies. The company reported that it had secured the consent of 75% of its secured creditors for obtaining clearances from stock exchanges and subsequently filing its demerger scheme with the NCLT. The demerger will create separate entities for Vedanta's aluminum, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and newly incubated businesses will remain under Vedanta Ltd. "Vedanta's demerger will create sector-focused entities, aligned with India's global leadership goals in critical minerals, energy security, as well as renewables and technology sectors," the company stated. The demerger aims to simplify the corporate structure by creating independent businesses, offering global investors direct investment opportunities in pure-play companies linked to India's impressive growth. The company's existing businesses will be structured into six independent companies post-demerger: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. Anil Agarwal-led Vedanta Ltd reported a 27.2% decline in consolidated net profit to Rs 13.69 billion for the March quarter due to a one-time impairment of the Tuticorin asset. The company had posted a consolidated net profit of Rs 18.81 billion in the year-ago period. The consolidated income for the January-March period dropped to Rs 360.93 billion, compared to Rs 386.35 billion in the previous year. As of March 31, 2024, Vedanta's gross debt stood at Rs 717.59 billion. (Source:ET)

Mining conglomerate Vedanta Ltd announced that it has secured clearances from the BSE and NSE for its proposed demerger. This development is significant as it facilitates Vedanta's plan to divide into six independent listed companies, including oil and gas and aluminum sectors. BSE and NSE, via their letters dated July 31, 2024, and July 30, 2024, respectively, have conveyed that they have 'no objections/no adverse observations' on the proposed scheme, Vedanta stated in a regulatory filing. The company plans to file an application with the National Company Law Tribunal (NCLT) soon. The scheme remains subject to receipt of other applicable statutory and regulatory approvals, including from the NCLT and the respective shareholders and creditors, under applicable laws, the filing added. Vedanta Ltd disclosed that it had received approvals from the majority of its creditors for the proposed demerger, marking a crucial step towards its plan to split into six independent listed companies. The company reported that it had secured the consent of 75% of its secured creditors for obtaining clearances from stock exchanges and subsequently filing its demerger scheme with the NCLT. The demerger will create separate entities for Vedanta's aluminum, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and newly incubated businesses will remain under Vedanta Ltd. Vedanta's demerger will create sector-focused entities, aligned with India's global leadership goals in critical minerals, energy security, as well as renewables and technology sectors, the company stated. The demerger aims to simplify the corporate structure by creating independent businesses, offering global investors direct investment opportunities in pure-play companies linked to India's impressive growth. The company's existing businesses will be structured into six independent companies post-demerger: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. Anil Agarwal-led Vedanta Ltd reported a 27.2% decline in consolidated net profit to Rs 13.69 billion for the March quarter due to a one-time impairment of the Tuticorin asset. The company had posted a consolidated net profit of Rs 18.81 billion in the year-ago period. The consolidated income for the January-March period dropped to Rs 360.93 billion, compared to Rs 386.35 billion in the previous year. As of March 31, 2024, Vedanta's gross debt stood at Rs 717.59 billion. (Source:ET)

Next Story
Building Material

Viva ACP Launches Experience Centre in Nashik

Viva ACP, one of Asia’s leading manufacturers of Metal Composite Panels (MCP), has unveiled a new state-of-the-art Experience Centre in Nashik. Situated at Plot No. 10, Kathe Industrial Estate, Tigrania Road, Dwarka, the centre aims to make Viva’s premium cladding solutions more accessible to architects, developers, and design professionals in Western India. The centre was formally inaugurated by Prakash Jain, Chairman and Managing Director, Viva Composite Panel, along with Nitin Jain and Mayank Jain, Directors at the company. Conceptualised as an interactive and immersive space,..

Next Story
Technology

Hikrobot Launches HDMI Video Micro System in India

India, July 2025: Hikrobot has introduced its HDMI Video Micro System in the Indian market, offering a plug-and-play imaging solution that combines 2K high-definition clarity, real-time streaming, and portability. The system is designed for professionals in sectors such as industrial inspection, medical research, forensic science, education, and precision manufacturing. Unlike traditional imaging setups that require external PCs and complex software, the Hikrobot HDMI Video Micro System provides direct output to an HDMI display, eliminating setup complications and improving usability.&nbs..

Next Story
Real Estate

Stone Wood Hotels Appoints Shishir Kumar Jena as CFO

Stone Wood Hotels & Resorts has announced the appointment of Shishir Kumar Jena as Chief Financial Officer. This key leadership move aligns with the boutique hospitality group’s ongoing national expansion. Shishir Kumar Jena brings over 32 years of experience in hospitality finance, having held senior positions with renowned brands such as Acron, Radisson, and Fortune Inn Exotica. His expertise spans financial strategy, operational efficiency, revenue optimisation, and aligning financial performance with guest satisfaction. Throughout his career, Jena has maintained a consisten..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?