Vedanta to Split into Five Listed Firms in April, Chairman Tells FT

Vedanta is on course to break up into five separately listed companies in early April, founder and chairman Anil Agarwal has told the Financial Times. The five units will cover aluminium, zinc, oil and gas, steel, and power.

As per the report, Agarwal said the restructuring would give each new entity a "free hand to grow" as an independent business, in a conversation with FT. Vedanta, which carries an enterprise value of $37 billion, has been working toward the split for several years. The plan had faced opposition from the Indian government but cleared a legal challenge last year, paving the way for the demerger to proceed.

Post-split, the five companies will carry a combined debt of around $7 billion, Agarwal told the FT. At the group level, parent company Vedanta Resources has reduced net debt from approximately $8.9 billion in March 2022 to around $4.8 billion as of December 2025.

Agarwal said the combined market capitalisation of the five new entities would exceed Vedanta Ltd's current $27 billion valuation, adding that market observers expect it to comfortably double. A private holding company controlled by him will retain roughly half the shares in each new entity.

Speaking to the FT, Agarwal also called on India to boost domestic energy production, describing the country's dependence on imports as a vulnerability. Cairn Oil and Gas, the conglomerate's oil and gas arm and one of the five units, is targeting production of one million barrels of oil equivalent per day which is double its current output over the next six years.