 "Vedanta")
From FY24 onwards, the company is investing USD 1.9 billion as growth capex across its businesses.
The proposed demerger of Vedanta’s diverse verticals that represent more than 15 commodities, will see the company progress from being asset managers to asset owners, Chairman Anil Agarwal has said.
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.
“Our expansionary moves are aligned with our business model transformation. The upcoming demerger of our diverse verticals that represent more than 15 commodities, will see us progress from being asset managers to asset owners,” Agarwal said in a latest report.
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As the company passes through the transition phase, Vedanta is focusing on consolidating and strengthening its asset base to emerge as world leaders in each of its verticals, the Chairman said.
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.
Vedanta has 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 offer global investors direct investment opportunities in pure-play companies linked to the country’s impressive growth.
From FY24 onwards, the company is investing USD 1.9 billion as growth capex across its businesses.
Vedanta 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. Consolidated income in the April-June period rose to Rs 36,698 crore over Rs 34,279 crore in the year-ago period.
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 08 2024 | 11:21 AM IST
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