Vedanta incorporates subsidiary to implement demerger scheme

New Delhi: 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.