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India’s Vedanta Ltd has set up a copper rod manufacturing unit in Saudi Arabia through its subsidiary, Malco Energy Limited, for 100,000 Saudi Arabian riyals ($26,666), according to an exchange filing.
The newly formed entity will operate under the name, Vedanta Copper International VCI Company Limited, and would be ‘incorporated for exploring growth opportunities in new geographies’, the disclosure further read.
The news comes on the heels of the multinational mining conglomerate announcing a demerger of its Indian asset Vedanta Ltd into six separate listed companies, which it claims will unlock ‘significant value’ for its shareholders. The organisation expects to complete the transaction by the financial year ending March 2025.
Vedanta Resources, the parent company, run by billionaire Anil Agrawal, has bond repayments of $3.2 billion coming up over the next two years, according to Bloomberg. Close to $2 billion of the notes are to be redeemed in 2024, while another $1.2 billion in 2025.
(Writing by Bindu Rai, editing by Seban Scaria)
