Plan to list other businesses: Vedanta chief | Mint – Mint

New Delhi: Vedanta Ltd chairman Anil Agarwal on Friday said that the company is considering separately listing all or some of its businesses.
“I have asked all my advisors and people to look into if we can have all products or some products independently so the independent management and leadership can grow these businesses to the highest levels” said Agarwal in a video message on YouTube
Vedanta Ltd has primary interests in multiple natural resources businesses, which include aluminium, zinc-lead-silver, oil and gas, copper, iron ore, steel, power, ferro alloys, nickel, glass and potentially chip making (semiconductor business).
“If you have one share of Vedanta Ltd you will have many shares of other companies,” said Agarwal.
This will open up investment opportunities for both individuals and companies, he said.
“I have been told people like to invest in pure play. Whole world is looking to invest in India,” said Agarwal.
Assuring investors, Agarwal clarified that he would seek shareholders’ views on the proposal. He also said that the reorganization could see better returns and dividends for investors.
“I promise you that we will always remain focused to create shareholder value. It is my vision and when I find it is appropriate, we will go to the board and will take it forward, said Agarwal.
The move, however, comes as a surprise and contrasts with an earlier delisting attempt by the company a few years back. In 2020, Vedanta attempted to delist its shares by proposing to buy back the public shareholding. It had initially offered a price of ₹87.5 per share for the buyback. Although, it raised the price later, the delisting attempt failed as Vedanta didn’t receive the required number of shares for the delisting offer to go through.
Earlier in the year, Hindustan Zinc Ltd, (Vedanta Ltd’s subsidiary) proposal to buy zinc international assets from parent (Vedanta resources) for $2.98 billion in cash deal also could not get shareholders’ support. Hindustan Zinc is a subsidiary of Vedanta Ltd where it holds a 64.92 % stake. However, of the remainder stake, government still holds more than 29%.
The fresh move to list its businesses separately thereby could be another attempt to raise funds and reduce the parent and Vedanta group’s debt.
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