Vedanta to spin off, list six businesses in growth push

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.