Vedanta demerger: Four spin-off companies list on exchanges on June 15

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The listings mark the end of Vedanta’s long-awaited demerger exercise, one of the biggest corporate restructurings undertaken in India’s metals, mining and natural resources sector.

According to exchange notices, Vedanta Oil & Gas, Vedanta Power, Vedanta Aluminium Metal and Vedanta Iron & Steel will be listed on Monday and initially placed in the Trade-to-Trade (T2T) segment, where every transaction results in compulsory delivery.

The demerger became effective earlier this year, with Vedanta fixing May 1 as the record date. Under the scheme, shareholders received one share each of Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil & Gas and Vedanta Iron & Steel for every one share held in Vedanta.

While Vedanta shares have continued trading after the record date, investors have been unable to transact in the demerged entities until now. As a result, a part of shareholder value has remained locked in the absence of market-driven price discovery.
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The listing is expected to provide the first indication of how investors value each business individually and whether the demerger succeeds in unlocking value, a key objective highlighted by chairman Anil Agarwal.

The restructuring leaves the parent Vedanta with businesses such as Hindustan Zinc, copper operations and critical minerals, while creating four standalone companies focused on aluminium, oil and gas, power, and iron and steel.

Agarwal has repeatedly argued that each vertical has the scale and growth potential to thrive independently.

Vedanta Aluminium, India’s largest aluminium producer, plans to double its capacity to 6 million tonnes and aims to strengthen its position as one of the world’s lowest-cost producers.

Vedanta Oil & Gas, built around the group’s Cairn assets, is targeting production of 300,000-500,000 barrels per day backed by a planned investment of $5 billion. The company is currently India’s largest private-sector upstream oil and gas producer.

Vedanta Power enters the market with 4.2 GW of operational generation capacity and a 12 GW expansion pipeline. The company has also outlined plans to diversify into hydropower and nuclear energy alongside conventional thermal generation.

Vedanta Iron & Steel, meanwhile, is expected to focus on expanding green steel and specialty steel production, leveraging the group’s raw material linkages and infrastructure assets.

The demerger comes as Vedanta pursues an aggressive growth strategy across businesses while simultaneously reducing leverage. The group has announced growth capital expenditure plans of around Rs 15,000 crore and says the new structure will allow each company to pursue sector-specific opportunities with greater flexibility.
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