FILE PHOTO: Anil Agarwal, Chairman of Vedanta Resources Ltd., poses after an interview with Reuters through the World Economic Forum (WEF) within the Alpine resort of Davos, Switzerland, May 25, 2022. Picture taken May 25, 2022. REUTERS/Aditya Kalra/File Photo
| Photo Credit: STAFF
Vedanta Ltd. on Friday knowledgeable the inventory exchanges that its Chairman Anil Agarwal had shared his concept with shareholders at a Chairman Townhall held on May 31, 2023 to split different businesses of Vedanta Ltd. into separate companies and get them listed for higher valuation and to entice a brand new set of traders.
In a video filed with the exchanges, Mr. Agarwal is heard saying, “Vedanta in the last two decades has gone into businesses that are more and more import substitutes, very difficult to enter into these areas.”
Stating that the corporate had businesses like oil & gasoline, aluminum, energy, copper, zinc, silver, lead, iron ore, metal, nickel and ferro alloys, semi conductor and show glass, and so on., he stated these businesses may very well be run independently.
“I have asked my people that all these [businesses] are in Vedanta Ltd. The whole world is looking to invest in India. I have been told that investors like pureplay. All our business can grow many fold,” he stated.
“I have asked all my advisors and my people to look into if we can have these all or some products to be independent so the independent management and leadership can grow a business to the highest level,” he added.
He stated splitting the corporate would imply that if a shareholder has one share of Vedanta Ltd., she/he could have many shares of different companies and folks could have alternative to put money into different areas.
“Some international companies which are looking to invest in a particular area will get that opportunity. I would like to have your view and I will take that step forward. So our shareholders can have better return and also have better dividend,” he added.
“This is my vision and when I find that it is appropriate, we will go the board and will take it forward,” he clarified within the video.
Vedanta Ltd. within the submitting said that “at this point it is just a thought and based on the feedback progress made in this regard, if any, shall be subject to due diligence, requisite approvals and regulatory compliances/disclosures as may be necessary.”
