Vedanta, a metal and mining giant, announced that its subsidiary, Malco Energy Ltd, has incorporated a new wholly-owned subsidiary named Vedanta Copper International VCI Company Limited. This new subsidiary has been established in Saudi Arabia for the purpose of conducting copper business.
The investment for this new unit amounts to 1,00,000 Saudi riyals (Rs 22.19 lakh). Vedanta cited the exploration of growth opportunities in new geographies as the reason behind the incorporation of Vedanta Copper International VCI Company Limited.
Vedanta had previously revealed plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities. The company aims to create shareholder value through this move. The demerger is set to be a simple vertical split, with shareholders of Vedanta Limited receiving one share of each of the five newly listed companies for every one share of Vedanta Limited.
The Board of Vedanta Ltd has approved a “pure-play, asset-owner business model,” which will result in the separate listing of aluminium, oil and gas, power, steel and ferrous materials, and base metals.
Source: Moneycontrol
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