Vedanta incorporates wholly-owned subsidiary to implement demerger scheme
"We wish to inform you that a wholly-owned subsidiary of the Company, in the name of 'Vedanta Base Metals Ltd' has been incorporated on October 09, 2023," the company said in a filing to BSE
 "Vedanta")
Photographer: Kanishka Sonthalia/Bloomberg
Listen to This Article
Mining major Vedanta on Wednesday said it has incorporated a wholly-owned subsidiary, Vedanta Base Metals Ltd, to implement the demerger of its five key businesses, including aluminium and oil and gas.
"We wish to inform you that a wholly-owned subsidiary of the Company, in the name of 'Vedanta Base Metals Ltd' has been incorporated on October 09, 2023," the company said in a filing to BSE.
The unit has been incorporated to implement the demerger scheme that was intimated to the bourses late last month.
Mining conglomerate Vedanta Ltd had announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to creating shareholder value.
According to the filing, 100 per cent shareholding of this unit is currently held by Vedanta Ltd.
Vedanta Base Metals Limited is a public company incorporated on October 9 and its main object is to carry out the Metal business.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
More From This Section
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Oct 11 2023 | 9:15 PM IST