Mining giant Vedanta has filed the demerger scheme with the National Company Law Tribunal (NCLT) post receiving all the required approvals, its CFO Ajay Goel said on Tuesday.
Goel announced this in their quarterly earnings announcement and has said that the proposed demerger is on track.
“We have received all the requisite approvals and have filed the demerger scheme with the National Company Law Tribunal (NCLT) taking our demerger a step closer to reality,” Vedanta’s top executive said.
Vedanta reported it’s first quarter consolidated revenue of 35,239 crore, up 1 per cent QoQ and 6 per cent Year-on-Year.
Vedanta’s demerger is said to create sector focused entities, aligned with leadership goals in critical minerals, energy security as well as renewables and technology sectors.
The company’s shares were trading at Rs 414, up 0.18% from previous day’s closing.
Post the demerger, Vedanta’s existing businesses will be structured in the six independent companies as Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd.
Last week, the mining major had said that it received has received from 75% of its secured creditors for obtaining clearance from stock exchanges and subsequently filing its demerger scheme with the NCLT.
“The demerger will help in simplifying Vedanta’s corporate structure by creating independent businesses and will offer global investors direct investment opportunities in pure-play companies linked to India’s impressive growth,” the company had said in a release last week.
Earlier in July, at Vedanta’s annual general meeting (AGM), Chairman Anil Agarwal had said the Demerger of the company’s businesses will lead to the creation of 6 strong companies, each a Vedanta in its own right.
“This will unlock massive value. Each demerged entity will chart their own course but will follow Vedanta’s core values, its enterprising spirit and global leadership,” Agarwal said.
