The Board of Vedanta at its meeting held on 29 September 2023 have granted approval for demerger of diversified businesses unlocking significant value.

The Board has approved a draft scheme of arrangement amongst Vedanta on the one hand and:

(i) a wholly owned subsidiary of the Demerged Company (“Resulting Company 1”) and its respective shareholders for the demerger of the Aluminium Undertaking (as defined in the Scheme) of the Demerged Company into Resulting Company 1 on a going concern basis;

(ii) Talwandi Sabo Power Limited, a wholly owned subsidiary of the Demerged Company (“Resulting Company 2”) and its respective shareholders for the demerger of the Merchant Power Undertaking (as defined in the Scheme) of the Demerged Company into Resulting Company 2 on a going concern basis;

(iii) Malco Energy Limited, a wholly owned subsidiary of the Demerged Company (“Resulting Company 3”) and its respective shareholders for the demerger of the Oil and Gas Undertaking (as defined in the Scheme) of the Demerged Company into Resulting Company 3 on a going concern basis;

(iv) a wholly owned subsidiary of the Demerged Company (“Resulting Company 4”) and its respective shareholders for the demerger of the Base Metals Undertaking (as defined in the Scheme) of the Demerged Company into Resulting Company 4 on a going concern basis; and

(v) a wholly owned subsidiary of the Demerged Company (“Resulting Company 5”) and its respective shareholders for the demerger of the Iron Ore Undertaking (as defined in the Scheme) of the Demerged Company into Resulting Company 5 on a going concern basis.

The Resulting Company 1, Resulting Company 2, Resulting Company 3, Resulting Company 4 and Resulting Company 5 are collectively referred to as the “Resulting Companies”. Resulting Companies 1, 4 and 5 are currently under the process of incorporation.