Vedanta Ltd on Thursday said it has incorporated a wholly-owned arm, 'Vedanta Iron and Steel Ltd, as part of its demerger drive.
The wholly-owned arm was incorporated on Tuesday, and has an authorised capital of one lakh equity shares of Rs 1 each.
The move is in line with the company's plan, announced on September 29, to demerge its business, the company said in a regulatory filing.
The development comes days after the mining conglomerate announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to create shareholder value.
The main objective of Vedanta Iron and Steel Ltd is to carry out the iron and steel business.
Vedanta on Wednesday said it has incorporated a wholly-owned subsidiary, Vedanta Base Metals Ltd.