Vedanta on Friday incorporated a new subsidiary called 'Vedanta Aluminium Metal', the company announced through an exchange filing. The newly incorporated wholly owned subsidiary will have authorised and subscribed capital of Rs 1,00,000 each representing a share of Rs 1 each.
Vedanta Aluminium Metals registered office is in the state of Maharashtra with the main objective to carry out the Aluminium business.
Vedanta will hold 100 per cent stake and has paid for the share capital in cash.
This move was as a part of the implementation of the demerger scheme that was announced on September 29, 2023.
Vedanta Limited, a diversified natural resources company with a significant global footprint on September 29 announced its plan to demerge its business units into independent “pure play” companies to unlock value and attract big ticket investment into the expansion and growth of each of the businesses.
The demerger is planned to be a simple vertical split, for every 1 share of Vedanta Limited, the shareholders will additionally receive 1 share of each of the 5 newly listed companies.