Vedanta’s subsidiary, Malco Energy Ltd, has announced that it has set up a new unit for its copper business in Saudi Arabia at an investment of Rs 22.19 lakh.
In its regulatory filing, the company said, “Malco Energy Ltd, a wholly-owned subsidiary of the Company, has incorporated a new wholly-owned Subsidiary in the name of ‘Vedanta Copper International VCI Company Limited.”
The company added that it had been incorporated to explore further growth potential in new geographies.
Earlier, the company announced its plans to demerge five of its businesses, including oil and gas, aluminium, and steel, into separate listed companies with a view of creating shareholder value.
In a separate filing, the company said, “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 five newly listed companies.”
The board of the company has approved the pure-play, asset-owner business model that will result in oil and gas, aluminium, steel and ferrous materials, and base metals being demerged and listed separately.