Billionaire industrialist Anil Agarwal has revealed plans to double the size of his mining giant Vedanta through a strategy centred around demerger, diversification and deleveraging, according to a report by the Press Trust of India.
Speaking at Vedanta Ltd’s 60th annual general meeting (AGM) on July 4, Agarwal told shareholders that each of the businesses being demerged has the potential to grow into a $100-billion company.
“Our 3D strategy—demerger, diversification and deleveraging — will enable us to double in size and unlock maximum value for our stakeholders,” he said.
“Our demerger proposal has received support from over 99.5 per cent of shareholders and creditors. This is a vote of confidence like no other,” he added, pointing out that the company is in the final stages of restructuring. “Once implemented, for every share held in Vedanta Ltd, each shareholder will receive one share in each of the four demerged companies.”