Tycoon Agarwal’s Plan to Overhaul Vedanta Gets Cautious Shareholder Welcome

Debt load has increased urgency to simplify group structure
Vedanta expects to complete demerger in year ended March 2025

Anil Agarwal
Photographer: Halden Krog/Bloomberg

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By Ashutosh Joshi and Abhishek Vishnoi

October 3, 2023 at 5:47 AM UTC

Updated on

October 3, 2023 at 11:35 AM UTC

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Shares of Anil Agarwal’s Vedanta Ltd. rose Tuesday, the first trading day after the Indian tycoon announced an overhaul of his sprawling metals-to-oil empire, despite lingering concerns over the group’s multibillion dollar debt burden.

The stock climbed as much as 5.1% in Mumbai, before paring that gain. Both Vedanta and unit Hindustan Zinc had surged on Friday, ahead of the announcement. At least four brokers including CLSA and IIFL have upgraded their recommendation on Vedanta since then.