Vedanta sets up new Energy Unit in Saudi Arabia

Vedanta's subsidiary, Malco Energy Ltd, has established a new division in Saudi Arabia to engage in the copper business with an investment of 1,00,000 Saudi riyals (equivalent to Rs 22.19 lakh). According to a filing with the BSE, Vedanta, a metal and mining giant, has announced that its wholly-owned subsidiary, Malco Energy Ltd, has formed a new wholly-owned Subsidiary called 'Vedanta Copper International VCI Company Limited.'

Vedanta Copper International VCI Company Limited has been established with the aim of seeking out the potential for growth in new locations, according to the company.  Previously, Vedanta had revealed its intentions to separate its five main businesses - aluminum, oil and gas, and steel - into individual publicly traded companies in order to enhance shareholder value.

"The de-merger is planned to be a simple vertical split. For every 1 share of Vedanta Limited, the shareholders will additionally receive 1 share of each of the five newly listed companies," the firm had said in a stock exchange filing.

The Board of Vedanta Ltd had approved "a pure-play, asset-owner business model" that will result in aluminum, oil and gas, power, steel and ferrous materials, and base metals being demerged and listed separately.

Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, with its main operations in iron ore, gold and aluminum mines in Goa, Karnataka, Rajasthan and Odisha.