Vedanta going ahead with demerger of businesses, says Anil Agarwal

Vedanta Chairman Anil Agarwal on Wednesday said that the company is going ahead with the proposed demerger of its businesses that will lead to formation of six firms and unlocking of massive value.

The company has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies.

Addressing shareholders during the 59th Annual General Meeting, the Chairman said, "We are going ahead with the demerger of our businesses, which will lead to the creation of 6 strong companies, each a Vedanta in its own right. This will unlock massive value."

Each demerged entity, he said, will plan its own course but follow Vedanta's core values, its enterprising spirit and global leadership.

"As we stand on the brink of an amazing transformation, our josh is high," Agarwal said, adding, "the demerger will lend speed to our journey."

Each entity will have more independence with regar