Vedanta to conduct strategic review of steel, raw material businesses

Vedanta Ltd on Friday said it will conduct a strategic review of its steel and steel raw material businesses.

In a regulatory filing, the company said it has also engaged advisors to assist in this review.

"The company has decided to initiate a strategic review of its steel and steel-making raw materials businesses. The review will begin immediately and evaluate a broad range of options to maximize stakeholder value, including but not limited to a potential strategic sale of some or all of the above-mentioned steel businesses," it said.

Vedanta Ltd did not provide any further details.

A subsidiary of Vedanta Resources Limited, Vedanta Limited is one of the world's leading natural resources companies, spanning across India, South Africa and Namibia.

In June 2018, Vedanta Limited acquired Jharkhand-based steel company ESL Steel Limited through an insolvency resolution process.