https://www.miningweekly.com
Gas|Mining|Resources|Steel|Products
Gas|Mining|Resources|Steel|Products
gas|mining|resources|steel|products

Agarwal mulls listing Vedanta businesses separately

Anil Agarwal

Anil Agarwal

25th August 2023

By: Reuters

  

Font size: - +

BENGALURU - India's Vedanta will consider separately listing all or some of its businesses, which range from metals and mining to oil & gas and potentially chipmaking, billionaire Anil Agarwal said on Friday.

"I have asked all my advisors and my people can we have all products (businesses that Vedanta operates) or some products to be independent," Agarwal said in a video message posted on YouTube.

"If you have one share of Vedanta Ltd, you will have many shares of other companies and people will have an opportunity to invest in different areas. Some international companies want to invest in a particular area, they will get that opportunity."

Agarwal said he will seek shareholders' views on the proposal and the reorganisation could see better returns and dividends for investors.

The plans stand in contrast to Agarwal's attempts in 2020 to delist Vedanta Ltd to expedite the process of simplifying its corporate structure, which failed.

Vedanta's parent, Vedanta Resources, has been scrambling to raise funds, with credit rating agencies downgrading its outlook, citing funding risks and concerns about meeting debt obligations.

Earlier this year, Agarwal sought to trim down the group's $7.7-billion debt by getting Hindustan Zinc, a unit of Vedanta Ltd, to buy some of the parent's zinc assets in a $2.98-billion deal.

However, the Indian government, which owns nearly 30% stake in Hindustan Zinc, opposed the move.

Vedanta had in June also initiated a strategic review of its steel and steel raw materials businesses as the group eyed money from its units to tackle its debt burden.

S&P Global Ratings estimates Vedanta Resources' funding gap to be $2-billion until August 2024.

Edited by Reuters

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Menar MD Vuslat Bayoğlu
Menar advancing on the manganese front
21st May 2024 By: Martin Creamer
On-The-Air (17/05/2024)
On-The-Air (17/05/2024)
17th May 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.146 0.182s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: