Vedanta's arm sets up new unit in Saudi Arabia for copper business

Vedanta's arm Malco Energy Ltd has set up a new unit in Saudi Arabia for copper business at an investment of 1,00,000 Saudi riyals (Rs 22.19 lakh).

"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," metal and mining giant Vedanta said in a filing to BSE.

Vedanta Copper International VCI Company Limited has been incorporated to explore growth opportunities in new geographies, it said.

Vedanta had earlier announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to creating shareholder value.

"The de-merger 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 firm had said in a stock exchange filing.

The Board of Vedanta Ltd had approved "a pure-play, asset-owner business model" that will result in aluminium, oil and gas, power, steel and ferrous materials, and base metals being demerged and listed separately.