Its ambitious plan to split into six standalone companies—each a mini-Vedanta promising clearer valuations and capital access—has just been tripped up in court. The National Company Law Tribunal has rejected the spin-off of Talwandi Sabo Power, citing objections from Chinese creditor SEPCO, which is owed ₹12.5 billion. Vedanta plans to appeal, but delays now look inevitable.That’s bad news not just for promoters, but also for investors who’ve long enjoyed Vedanta’s unusually high dividends for a commodities player. For London-based parent Vedanta Resources, upstreamed payouts from the Indian-listed firm are critical to servicing its hefty debt. With each delay in the demerger, that tap risks slowing.
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