Business
Vedanta demerger: Four spin-off companies list on exchanges on June 15
The listings mark the end of Vedanta’s long-awaited demerger exercise, one of the biggest corporate restructurings undertaken in India’s metals, mining and natural resources sector.
According to exchange notices, Vedanta Oil & Gas, Vedanta Power, Vedanta Aluminium Metal and Vedanta Iron & Steel will be listed on Monday and initially placed in the Trade-to-Trade (T2T) segment, where every transaction results in compulsory delivery.
The demerger became effective earlier this year, with Vedanta fixing May 1 as the record date. Under the scheme, shareholders received one share each of Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil & Gas and Vedanta Iron & Steel for every one share held in Vedanta.
While Vedanta shares have continued trading after the record date, investors have been unable to transact in the demerged entities until now. As a result, a part of shareholder value has remained locked in the absence of market-driven price discovery.
The listing is expected to provide the first indication of how investors value each business individually and whether the demerger succeeds in unlocking value, a key objective highlighted by chairman Anil Agarwal.
The restructuring leaves the parent Vedanta with businesses such as Hindustan Zinc, copper operations and critical minerals, while creating four standalone companies focused on aluminium, oil and gas, power, and iron and steel.Agarwal has repeatedly argued that each vertical has the scale and growth potential to thrive independently.
Vedanta Aluminium, India’s largest aluminium producer, plans to double its capacity to 6 million tonnes and aims to strengthen its position as one of the world’s lowest-cost producers.
Vedanta Oil & Gas, built around the group’s Cairn assets, is targeting production of 300,000-500,000 barrels per day backed by a planned investment of $5 billion. The company is currently India’s largest private-sector upstream oil and gas producer.
Vedanta Power enters the market with 4.2 GW of operational generation capacity and a 12 GW expansion pipeline. The company has also outlined plans to diversify into hydropower and nuclear energy alongside conventional thermal generation.
Vedanta Iron & Steel, meanwhile, is expected to focus on expanding green steel and specialty steel production, leveraging the group’s raw material linkages and infrastructure assets.
The demerger comes as Vedanta pursues an aggressive growth strategy across businesses while simultaneously reducing leverage. The group has announced growth capital expenditure plans of around Rs 15,000 crore and says the new structure will allow each company to pursue sector-specific opportunities with greater flexibility.
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Federal health officials are urging parents to immediately stop using a popular organic infant formula after three babies were hospitalized with botulism in a multistate outbreak linked to the product.
The Centers for Disease Control and Prevention said all three infants consumed Nara Organics Whole Milk Organic Infant Formula before becoming ill.
The babies, who ranged in age from 2 to 5 months, were hospitalized and treated with BabyBIG, the FDA-approved treatment for infant botulism.
The cases were reported in California, Pennsylvania and Washington, according to the CDC.
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Federal health officials are urging parents to stop using Nara Organics Whole Milk Organic Infant Formula after three infants were hospitalized with botulism. (Food and Drug Administration / Unknown)
Nara Organics on Friday recalled all lots and can sizes of its Whole Milk Organic Infant Formula, and federal health officials are investigating whether the product was the source of the outbreak.
Testing of opened and unopened formula samples is underway, with results expected in the coming weeks.
Nara Organics confirmed the recall in a statement posted on its website.
THREE MAJOR HOSPITAL SYSTEMS ACCUSE CVS OF SECRETLY SIPHONING HUNDREDS OF MILLIONS IN DRUG SAVINGS
Three infants were hospitalized with botulism in a multistate outbreak linked to recalled Nara Organics infant formula, according to the CDC. (Nathan Posner/Anadolu Agency via Getty Images / Getty Images)
“Stop using all Nara Organics infant formula immediately,” the company wrote. “We are heartbroken for the concern and stress this may cause your family.”
The formula is sold nationwide through Target stores, Target.com and Nara.com.
The CDC advised parents and caregivers to throw away or return any unopened cans of the recalled formula.
FDA ISSUES HIGHEST-RISK RECALL FOR ALFREDO SAUCE SOLD IN 41 STATES
Three infants ranging in age from 2 to 5 months were hospitalized after consuming the recalled formula, federal health officials said. (iStock / iStock)
Officials said opened cans may be retained and stored separately if an infant develops symptoms, as state health departments may request samples for testing.
According to the CDC, infant botulism occurs when spores from Clostridium botulinum bacteria enter a baby’s digestive tract and produce a dangerous toxin.
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Early symptoms can include constipation, difficulty feeding, a weak or altered cry and loss of head control.
Parents should seek immediate medical attention if an infant who consumed the recalled formula develops symptoms including poor feeding, difficulty swallowing, decreased facial expression or loss of head control, health officials said.
Business partnerships can try men’s souls—never mind the wallets of those who invest in them. So far, though, the tie-up between super-investors Bruce Flatt, CEO of Brookfield, and Howard Marks, co-chairman of Oaktree Capital Management, seems to be mostly friction-free and fruitful.
These reports, excerpted and edited by Barron’s, were issued recently by investment and research firms. The reports are a sampling of analysts’ thinking; they should not be considered the views or recommendations of Barron’s. Some of the reports’ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.
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