Vedanta Group's subsidiary, Malco Energy Limited, has expanded its presence in Saudi Arabia with the establishment of a new copper unit, investing SAR 1,00,000. The newly formed entity, 'Vedanta Copper International VCI Company Limited,' was disclosed in a recent exchange filing.
This development aligns with Vedanta's broader business restructuring strategy. Earlier in September, the conglomerate's board greenlit a plan to divide the company into six distinct entities, each to be listed separately. Anil Agrawal, the billionaire chairman, revealed on August 25 that Vedanta is contemplating individual listings for its various businesses. The intent is to foster the growth of "pure play" businesses, as outlined in Agrawal's video message to shareholders.
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The move also follows Vedanta's earlier announcement of plans to invest in the mineral sector in Saudi Arabia. Discussions are underway to pinpoint lucrative investment opportunities in the region, emphasizing the company's commitment to expanding its footprint in Saudi Arabia's mineral industry.
In summary, Vedanta Group's subsidiary, Malco Energy Limited, has made a strategic move by establishing 'Vedanta Copper International VCI Company Limited' in Saudi Arabia, aligning with the conglomerate's broader restructuring initiative. The company's vision of separately listing businesses aims to facilitate the growth of distinct sectors. This expansion in Saudi Arabia reflects Vedanta's commitment to exploring and investing in the region's mineral sector.
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