Mining conglomerate Vedanta Ltd on Wednesday said it has received clearances from leading exchanges BSE and NSE for its proposed demerger.

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The development assumes significance as it will pave the way for Vedanta's plan to split into six independent listed companies, including oil and gas and aluminium.

"... BSE and NSE, vide their letters dated July 31, 2024 and July 30, 2024 respectively, have conveyed that they have 'no objections/no adverse observations', on the proposed scheme," Vedanta said in a regulatory filing.

The company said that it will soon file an application with the National Company Law Tribunal (NCLT).

"The scheme remains subject to receipt of other applicable statutory and regulatory approvals including inter alia from the National Company Law Tribunal and the respective shareholders and creditors, under applicable laws," the filing said.

On Tuesday, Vedanta Ltd said it has received approvals from majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies.

In a statement, the company had said it has received a go ahead from 75 per cent of its secured creditors for obtaining clearance from stock exchanges and subsequently filing its demerger scheme with the NCLT for its proposed demerger.

The demerger will create independent companies housing the aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd.

"Vedanta's demerger will create sector-focused entities, aligned with India's global leadership goals in critical minerals, energy security as well as renewables and technology sectors," it had said.

The demerger will help in simplifying the company's corporate structure by creating independent businesses.

Moreover, it will also offer global investors direct investment opportunities in pure-play companies linked to the country's impressive growth.

The company's "existing businesses will be structured in the six independent companies after the demerger: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd," it had said.

Anil Agarwal-led Vedanta Ltd reported a 27.2 per cent decline in consolidated net profit to Rs 1,369 crore for the March quarter on account of a one-time impairment of Tuticorin asset.

The company had posted a consolidated net profit of Rs 1,881 crore in the year-ago period, Vedanta had said in a regulatory filing.

The consolidated income of the company in the January-March period dropped to Rs 36,093 crore, as against Rs 38,635 crore in the year-ago period.

As on March 31, 2024, Vedanta's gross debt was at Rs 71,759 crore.