Malco Energy Limited, a subsidiary of Vedanta Group, has set up a new unit in Saudi Arabia for copper business for approximately INR 22 lacs and has named the unit as Vedanta Copper International VCI Company Limited.
Nov 15, 2023
Malco Energy Limited, a subsidiary of Vedanta Group, has set up a new unit in Saudi Arabia for copper business for approximately INR 22 lacs. According to an exchange filing put out by the company, the newly incorporated unit has been named ‘Vedanta Copper International VCI Company Limited’. The move comes as the Indian conglomerate Vedanta is considering individually listing all or a portion of its diverse businesses. This move follows a recent decision in September to split the company’s operations into six separate, publicly traded entities. Mr. Anil Agrawal, Chairman, Vedanta Resources Limited in a video message to shareholders, revealed that Vedanta is actively seeking advisors’ input on the feasibility of a full or partial spin-off of its various divisions. According to Agrawal, this strategy aims to unlock the full potential of each individual business by establishing them as independent “pure play” entities. This potential restructuring comes on the heels of Vedanta’s announcement last year about investing in the Saudi Arabian mineral sector. The company is currently exploring investment opportunities in the region, further expanding its global footprint.
