Vedanta Ltd on Thursday denied rumours of a possible merger with the parent company Vedanta Resources Limited.
"With regards to recent media reports on having preliminary discussions with prospective advisors about the idea of combining Vedanta Resources Limited with Vedanta Limited, Vedanta Limited would like to strongly deny these reports as speculative and misleading to the investors," the company said in a stock exchange filing.
Bloomberg had earlier reported that billionaire Anil Agarwal was considering a potential merger of his commodity empire’s indebted holding company with its India unit, citing sources.
"No such proposal is under consideration, and we categorically deny any such rumours," Vedanta said in its statement.
The holding company was the first Indian business to list in London back in 2003, before Agarwal, 68, took it private 15 years later when his Volcan Investments Ltd. bought out minority investors as part of efforts to streamline the group’s structure. Vedanta Resources also owns a 79.4 per cent stake in Zambia’s Konkola Copper Mines, which has been under provisional liquidation since May 2019 and the matter is still the subject of court cases and arbitration proceedings.
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Published 03 February 2022, 10:08 IST