India’s Vedanta to split into four commodity companies -source

By Aditya Kalra

(Reuters) -India’s Vedanta Ltd will separate its commodities businesses into four companies to get better valuations, a source with direct knowledge of the move told Reuters on Thursday.

The conglomerate will spin off its metals, power, aluminium and oil & gas businesses, the source said, adding that an official announcement is likely this week.

The move will need shareholder and other regulatory approvals and the process could take two to three months, the source said, declining to be named as they are not authorised to speak to the media.

Vedanta did not immediately respond to a Reuters’ request seeking comments.

On Wednesday, Bloomberg News reported that Vedanta is nearing a deal to spin off its businesses into several listed entities as part of a broader restructuring plan.

(Reporting by Sethuraman NR and Akanksha Khushi in Bengaluru; Editing by Shweta Agarwal and Savio D’Souza)