Mining conglomerate Vedanta Ltd had announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to creating shareholder value.
In June 2018, Vedanta had initially acquired the plant from Electrosteel Steels under the Insolvency and Bankruptcy Code. But with debt concerns around the company, Vedanta Resources is looking out for the possibility of selling the asset.
The development comes days after the mining conglomerate 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.
Get latest articles and stories on Latest News at LatestLY. Vedanta Ltd on Thursday said it has incorporated a wholly-owned arm, 'Vedanta Iron and Steel Ltd, as part of its demerger drive. Latest News | Vedanta Incorporates Wholly-owned Arm to Carry out Iron, Steel Biz.
Vedanta Ltd incorporates Vedanta Base Metals Ltd with authorized share capital of ₹1 lakh. Vedanta share price jumps over 3% following the news of demerger.