Vedanta Ltd. creditors will meet next month to vote on a plan to break the huge Indian mining giant into at least five separate firms, the next stage in a months-long drive to simplify the group's structure and help manage its debt burden.
Lenders have been invited to a court-ordered conference on February 18 to discuss the plan's details, according to the people, who asked not to be identified because the matter is confidential. If approved, the plan will be presented to shareholders for approval.
Vedanta, which has previously endeavored to reform its complex structure, announced its most recent reorganization plans in late 2023. Those discussed separating aluminum, oil and gas, electricity, and steel, which might all be listed separately, in an effort to raise the total group's valuation and decrease a multibillion-dollar debt load at its parent firm Vedanta Resources. That proposal was accepted by 75% of the firm's secured lenders last year.
Vedanta, which has previously endeavored to reform its complex structure, announced its most recent reorganization plans in late 2023. Those discussed separating aluminum, oil and gas, electricity, and steel, which might all be listed separately, in an effort to raise the total group's valuation and decrease a multibillion-dollar debt load at its parent firm Vedanta Resources.
That proposal was accepted by 75 percent of the firm's secured lenders last year. In the last 12 months, Vedanta's stock has increased by almost 50 percent, bringing its market worth to about $19 billion.
