VEDL

demerger plan approved by Mumbai NCLT; shares hit 52-week high

Vedanta Demerger Plan: The Mumbai bench of National Company Law Tribunal (NCLT) on Tuesday (December 16) approved mining mogul Anil Agarwal-owned Vedanta Ltd's demerger plan. This paves the way for the splitting of the metals-to-oil conglomerate sector-specific entities across aluminium, oil and gas, power, and iron and steel. "The sanction to the company scheme is granted," the Mumbai bench of the tribunal, comprising Charanjeet Singh Gulati and Nilesh Sharma said. Notably, Vedanta had filed a scheme of arrangement before NCLT covering four group companies -- Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy and Vedanta Iron and Steel. NCLT had reserved the order after hearing the matter on November 12.