Vedanta Group sets up new unit in Saudi Arabia for copper business
Mining multinational Vedanta group has expanded its business with Malco Energy Ltd, its subsidiary, setting up a new establishment in Saudi Arabia for copper business for SAR (Saudi riyal) 1,00,000, media reports said.
The new unit has been named 'Vedanta Copper International VCI Company Limited', newly incorporated unit has been named, according to an exchange filing by the company, Moneycontrol reported.
The move comes amid the conglomerate’s plans to restructure its business.
In September, the company's board ratified a proposal to divide the business into six distinct companies listed on the stock market.
On August 25, Vedanta’s top boss Anil Agrawal said the firm is mulling separately listing some or all its businesses, based on suggestions provided by advisors.
Vedanta’s business spreads across oil and gas, metals and mining sectors. In a video message to shareholders, the Chairman of the company said that listing the different businesses separately will enable the "pure play" businesses to grow.
In 2023, the conglomerate announced its decision to invest in the mineral sector in Saudi Arabia, adding it is in talks to find investment areas in the region.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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