Several global firms show interest in Vedanta’s $20 bn expansion projects

New Delhi: Several global consulting firms have shown interest in implementing Vedanta Ltd’s $20-billion expansion projects spanning multiple segments, and the metal major will finalise the company in the current quarter, an official said.

Vedanta plans to significantly expand its operations over the next three years, as it restructures into four entities — Vedanta Aluminium, oil and gas, power, and iron and steel.

Vedanta Ltd Executive Director Arun Misra, said that “So, we have raised a global EOI and we have got multiple interests. We are finalising partners over a couple of weeks time....imagine a post-demerger, we have multiple businesses all listed and in that case, we at the group work as a private equity so that the EOI has witnessed multiple interests.”

When asked to name the companies which have shown interest, Misra said that “there are numerous and think of any large global consulting firms in India and the world over. They all have witnessed, they all have a realistic interest.”

The company will spend $20 billion on growth projects in metals, mining and hydrocarbons in the next three years. These projects are extensions of its existing operations.

The mining firm had revised its demerger plan and decided to retain its base metal undertaking within the parent firm.

The company expects to complete the demerger of its businesses by the September-end.

Vedanta Chairman Anil Agarwal had earlier said the proposed demerger of the company’s diverse verticals, which represent more than 15 commodities, will see it progress from asset managers to asset owners.