Billionaire Agarwal Shakes Up Vedanta Empire as Debt Bill Looms
- Group has in the past sought to simplify complex structure
- Vedanta Resources has been raising funds to pay maturing bonds
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Billionaire Anil Agarwal’s Vedanta Ltd. has announced plans to overhaul the tycoon’s sprawling conglomerate as part of efforts to reduce a multibillion dollar debt load.
The board of Vedanta Ltd. approved a plan to separate the business into six listed verticals — aluminum, oil and gas, power, steel and ferrous, base metals and Vedanta Ltd., the company said in a statement Friday. For every share of Vedanta Ltd., shareholders will receive one share of each of the five newly listed companies, it said.