Vedanta share gains on review of steel business

The review will begin immediately and evaluate a broad range of options to maximize stakeholder value, including but not limited to a potential strategic sale of steel businesses, the company said

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Vedanta share price gained in early trade on July 3 as the company decided to initiate a strategic review of its steel and steel-making raw materials businesses.

Vedanta, a subsidiary of Vedanta Resources Limited, is one of the world’s leading natural resources companies spanning across India, South Africa and Namibia with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium & Power.

The review will begin immediately and evaluate a broad range of options to maximize stakeholder value, including but not limited to a potential strategic sale of some or all of the above mentioned steel businesses, it said.

The company has engaged advisers to assist in this review.

The company will continue to make further announcements in this connection in accordance with its disclosure obligations and pursuant to applicable laws and regulations, it said.

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On June 22, the company had described as wrong, baseless and incorrect news reports that Vedanta Limited was selling the Sterlite Copper Plant in  Thoothukudi.

Sterlite Copper contributed to 40 percent of India’s copper. As the country has become a net importer of copper, which has adversely impacted inter?alia the downstream and ancillary industries and hence, there has been a growing demand for Vedanta?Sterlite Copper to restart its operations.

At 09.41 am, Vedanta was quoting at Rs 279.00, up Rs 0.95, or 0.34 percent on the BSE.