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Anil Agarwal of Vedanta Group plans to increase Nand Ghars to 25,000, emphasizing import substitution and minimal debt. Considers divesting steel business but sees potential for expansion as the lowest cost producer, open to offers. He also says that while the total debt is $12 billion, each company will cost $15-20 billion to set up and take 10 years. So, there is hardly any debt.
Vedanta Ltd intends to divest its steel business only if it receives the appropriate valuation, according to Chairman Anil Agarwal. Despite a strategic review initiated in June 2023 and plans for a demerger by March 2024, Vedanta remains committed to running the profitable steel segment.
The German steel and engineering company, ThyssenKrupp AG, said it has reached an agreement with EP Corporate Group or EPCG for the sale of 20% of ThyssenKrupp's steel business. The closing of the transaction is scheduled for this financial year, the companies said. In addition, the two companies are in talks for an additional 30% acquisition of the steel business by EPCG to form a 50:50 joint venture.
MARKET WRAPS Stocks: European shares advanced on Friday, with the technology sector boosted by strong earnings from Microsoft and Alphabet. Miners were also firmer, as copper hit $10,000 a. -April 26, 2024 at 05:33 am EDT
- MarketScreener