Billionaire Anil Agarwal’s Vedanta Ltd said on Friday it would split the company into six separate listed businesses as the metals-to-oil conglomerate seeks to boost growth amid a slump in its financial performance.
The company’s UK-based parent, Vedanta Resources, has seen major agencies cut its ratings on concerns over debt repayments, with SP Global Ratings downgrading it to “CCC” from “B-” on Friday and placing it on credit watch.
Vedanta Ltd shares have lost 28 per cent so far this year, compared to a near 2 per cent rise in the Nifty Metal index, dragged lower by a string of poor results due to weakness in metal prices and as Foxconn backed out of a $19.5 billion chips joint venture with the company.
