Vedanta Ltd chairman Anil Agarwal, on Tuesday, said in an interview that the company is set to complete the sale of its steel assets by March 2014 as the natural resources and technology conglomerate is focusing on its core mining business.
The company, which entered the steel production market in 2018 with the acquisition of ESL Steel, had began to review its steel raw material business in June.
Vedanta had, a few days ago, said its board approved a major overhaul, separating its aluminum, oil and gas, power, steel and ferrous material and base metals into separate listed companies in a bid to reduce debt load and boost value creation. The exercise, which is now subject to the approval of shareholders and lenders, is expected to be completed in 12-15 months.
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Meanwhile, shares of Vedanta Ltd climbed nearly 4 per cent on Tuesday after the announcement of the split.
The stock ended at Rs 230.80 apiece, up 3.73 per cent on the BSE. During the day, it jumped 5.07 per cent to Rs 233.80. On the NSE, it climbed 5 per cent to Rs 233.75 in intra-day trade. Later, it ended at Rs 230.95 per share, a gain of 3.77 per cent.
The company's market valuation jumped Rs 3,085.07 crore to Rs 85,792.90 crore.
—With PTI inputs
