Vedanta's demerger plan clears major hurdle with SBI approval
State Bank of India has granted its consent to Vedanta's proposed demerger that will separate its existing businesses into six independent pure-play companies, two bankers aware of the development said.
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This crucial approval from the state-run lender is seen as the last major compliance requirement for the company, which was keenly watched by the market and paves the way for the $20 billion demerger.
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Last September, India's largest diversified natural resources company announced plans to separate its six core businesses. The demerger will create independent companies housing the aluminium, oil & gas, power, steel and ferrous materials, and base metals businesses, while the existing zinc and new incubated businesses will remain under Vedanta.
The demerger is planned to be a simple vertical split with Vedanta shareholders getting one share of each of the five newly
