Vedanta creditors may meet in February to approve split of mining conglomerate
Vedanta Ltd. creditors will gather next month to give their final verdict on a plan to split the sprawling Indian mining conglomerate into at least five different businesses, a key step in a months-long effort to simplify the group’s structure and help manage its debt burden.
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Lenders have been asked to a court-ordered meeting on Feb. 18 to discuss details of the plan, the people said, asking not to be identified as the matter is private. If approved, the proposal will then be taken to shareholders for their green light.
Vedanta, which has sought to reorganize its complex structure in the past, announced its latest restructuring plans in late 2023. Those considered splitting out aluminum, oil and gas, power and steel, which could all be separately listed as part of an effort to improve the valuation of the overall group and to reduce a multi-billion dollar debt load at its parent company Vedanta Resources.
That plan was approved by 75% of the firm’s secured lenders last year.
Also Read: Demerger of Vedanta likely by end of FY25: Top official
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