Vedanta targets listing demerged units on Indian exchanges by mid-May: CFO

Vedanta's restructuring will spin off 4 businesses - steel and ferrous metals, oil and gas, aluminium, and power - into separately listed companies, while its base metals ‌unit will remain with parent

Oil-to-metals conglomerate Vedanta Ltd aims to list ‍its four planned ​demerged units on Indian exchanges by mid-May, its finance chief said.

The natural resources group is nearing the end of a planned restructuring, which won approval from India's company law tribunal in December after initial government pushback.

"We intend ​to make (the) demerger effective from April 1, and it will take maybe four to six weeks, so mid of May all the five companies will get listed," Vedanta Ltd. Chief Financial Officer Ajay Goel said in an interview late on Thursday.

Indian newspaper Mint reported that the company first flagged the timeline on Thursday during a call with analysts.

Vedanta's restructuring will spin off four businesses - steel and ferrous metals, oil and gas, aluminium, and power - into separately listed companies, while its base metals ‌unit will remain with the parent.

First ​announced in 2023, the plan was designed to support growth as its UK-based parent Vedanta Resources carried heavy debt, which it has since reduced significantly.

Goel also ‍said US President Donald Trump's move last year to double tariffs on aluminium imports to 50% has ‍been of "insignificant" ‌impact on the ​company, offset by strong domestic ‍demand in India.

Shares of Vedanta dropped over 5% on ‍Friday, ‍tracking weaker global ‌prices. [MET/L]