Vedanta hopeful to complete demerger process by year end, says CFO

Diversified natural resources company Vedanta Ltd has filed the demerger scheme with the National Company Law Tribunal (NCLT) after receiving a nod from lenders and is hopeful of completing the process by the end of this fiscal, a senior company official said on Tuesday.

The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd.

Speaking with PTI, Vedanta's CFO Ajay Goel said, "There is a very significant development ( on demerger). We have secured all approvals be it secured lenders, BSE, NSE, and SEBI. We have filed the scheme on Monday with NCLT and filing the demerger scheme with NCLT practically is the last step."

Now the proposed demerger, he said, will be a reality "very soon".

"Our last commitment of demerger getting closed is by the end of this fiscal and we are very much on track," he explained.

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