Abitibi Metals boosts resource by 62% at B26 polymetallic deposit in Quebec
Indicated resources increased to 11.3 million tonnes from 6.9 Mt.
India’s Vedanta Ltd will consider separately listing all or some of its businesses, which range from metals and mining to oil & gas and potentially chipmaking, billionaire Anil Agarwal said on Friday.
“I have asked all my advisors and my people can we have all products (businesses that Vedanta operates) or some products to be independent,” Agarwal said in a video message posted on YouTube.
“If you have one share of Vedanta Ltd, you will have many shares of other companies and people will have an opportunity to invest in different areas. Some international companies want to invest in a particular area, they will get that opportunity.”
Agarwal said he will seek shareholders’ views on the proposal and the reorganization could see better returns and dividends for investors.
The plans stand in contrast to Agarwal’s attempts in 2020 to delist Vedanta Ltd to expedite the process of simplifying its corporate structure, which failed.
Vedanta’s parent, Vedanta Resources, has been scrambling to raise funds, with credit rating agencies downgrading its outlook, citing funding risks and concerns about meeting debt obligations.
Earlier this year, Agarwal sought to trim down the group’s $7.7 billion debt by getting Hindustan Zinc, a unit of Vedanta Ltd, to buy some of the parent’s zinc assets in a $2.98 billion deal.
However, the Indian government, which owns nearly 30% stake in Hindustan Zinc, opposed the move.
Vedanta had in June also initiated a strategic review of its steel and steel raw materials businesses as the group eyed money from its units to tackle its debt burden.
S&P Global Ratings estimates Vedanta Resources’ funding gap to be $2 billion until August 2024.
(By Nandan Mandayam and Sethuraman NR; Editing by Sohini Goswami)
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