Vedanta extends the deadline for Demerger until next year

New Delhi, October 4 (PTI) Anil Agarwal-led Vedanta Ltd pushed the deadline for its Demerger until next year on March, as the approvals of the National Company Law Tribunal and government authorities are still pending, the company said in a regulatory filing. The deadline was extended earlier from 31 March 2025 to 30 September this year. “As the conditions precedent in the scheme, including approval of the National Company Law Tribunal, Mumbai Bench (NCLT) and approvals of certain government authorities, the Company’s board and the resulting companies … decide to extend the timeline for the fulfillment of the conditions, preceded from 30, 202 to 31, 2026,” Next this week. The approval of the Demerger proposal will pave the way for the company’s various vertical businesses to become separate entities. Vedanta Resources CEO Deshnee Naidoo has previously exercised the optimism that the dismantling of its Indian poor Vedanta will be completed in the current financial year and emphasizes that her focus is currently on the restructuring of the company. Last month, the National Company Law Tribunal (NCLT) postponed the hearing on Vedanta’s ambitious Demerger proposal until October 8, as the Ministry of Petroleum and Natural Gas objected to the scheme, citing a lack of necessary revelations. The mining firm earlier revised its Demerger plan and decided to retain its base metal business within the parent firm. Vedanta said earlier that its existing businesses in six independent businesses will be structured-Vedanta aluminum, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferros Materials, Vedanta Base Metals and Vedanta Ltd., but later it revised the plan. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world’s leading natural resources, critical minerals, energy and technology companies across India, South Africa, Namibia, Liberia, the UAE, Saudi Arabia, Korea, Taiwan and Japan with sectors such as oil and gas, steel, steel, steel Aluminum stretches.