Metals-to-oil conglomerate Vedanta has announced that it has received approval from the majority of its secured creditors for the demerger of the company into six independent entities. In a press release issued on Tuesday, the Anil Agarwal-helmed firm stated that 75 per cent of its secured creditors had given their consent for the demerger plan.
The announcement marks an important step in Vedanta's plan to split into six independent listed companies, including oil and gas and aluminium. In a statement, the company said it has received the go-ahead from 75 per cent of its secured creditors for obtaining clearance from stock exchanges and subsequently filing its demerger scheme with the National Company Law Tribunal (NCLT) for its proposed demerger.
With this crucial approval, Vedanta will now seek the necessary clearance from the Indian tribunal to proceed with the restructuring. The demerger aims to streamline operations and unlock value for shareholders by creating six distinct companies, each focusing on different sectors within Vedanta's extensive portfolio.
This strategic move is anticipated to enhance operational efficiencies and provide greater clarity and focus to each of the newly formed entities. The approval marks a significant milestone in Vedanta's restructuring efforts, reinforcing its commitment to long-term growth and value creation.
As Vedanta moves forward with the tribunal's approval process, the market will closely watch the developments and their impact on the company's overall performance and sectoral focus.