By Martin Shwenk Leade

Copyright indiatimes

AgenciesVedanta’s big demerger plan has been in focus for some time.

Vedanta Resources is pressing ahead with its long-awaited corporate restructuring, with Chief Executive Officer Deshnee Naidoo expressing confidence that the demerger of its Indian arm will be completed within the current financial year, news agency PTI reported on September 16.The development comes on the verge of the National Company Law Tribunal (NCLT) hearing of the case, scheduled for September 17.The demerger, once complete, will allow Vedanta to operate its business verticals as standalone companies, a move that the group believes will unlock greater value and improve operational focus.Naidoo said her immediate priority was to steer the company through the restructuring process. “I’m very optimistic. I think for me the work right now is actually restructuring the organisation as if we are already a demerged company,” she told PTI.She added that the company was hoping for a positive outcome in the upcoming hearing, describing it as a step forward in the approval process.Live EventsA significant hurdle was cleared earlier this month when the National Company Law Appellate Tribunal (NCLAT) allowed Talwandi Sabo Power Ltd (TSPL) to proceed with its separation from Vedanta Ltd. The decision overturned a previous order that had stalled the move.The breakthrough came after TSPL reached a settlement on 11 September with Chinese contractor Sepco Electric Power Construction Corp, which had objected to the demerger citing unpaid dues of Rs 1,251 crore.With the settlement in place, the path has been eased for the restructuring. “The matter related to Talwandi Sabo Power Ltd was actually resolved, and that is a step forward,” Naidoo noted.The Securities and Exchange Board of India (SEBI) has raised no objections to the scheme, though it sought further details on the proposed base metals carve-out. That particular carve-out is no longer part of the current plan, after Vedanta revised its original blueprint.Initially, the company had outlined a plan to split into six independent entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. The revised scheme, however, retains the base metals business within the parent company.Add as a Reliable and Trusted News Source Add Now!
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