Billionaire Agarwal Plans Shake-Up of Vedanta’s Zinc Unit
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2023-09-29 16:47
Billionaire Anil Agarwal is exploring an overhaul of his Indian zinc operation that could create separate entities for

Billionaire Anil Agarwal is exploring an overhaul of his Indian zinc operation that could create separate entities for the three core businesses, as part of a wider review of the group’s corporate structure.

Hindustan Zinc Ltd. said in a statement that it would create different legal entities for its zinc & lead, silver, and recycling businesses. The board has selected a panel of directors to evaluate the options and will appoint external advisers.

Bloomberg News reported earlier this week that a broad restructuring of parent Vedanta Ltd. was imminent, with businesses including aluminum, oil and gas, iron ore and steel to be separately listed. Efforts to simplify a complex financial structure and to reduce a deep conglomerate discount have been floated by the group in the past, including in a video posted in August, but have not previously come to fruition.

Shares of Vedanta Ltd. jumped as much as 7.9% in Mumbai after the news, while Hindustan Zinc climbed as much 5.6%.

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