Vedanta relisting plan: US option, $100bn India bet

A relisting back on the agenda

Vedanta Group Chairman Anil Agarwal has said the holding company, Vedanta Resources, could return to public markets, with the US emerging as a likely option. The discussion comes as the group works through a sweeping corporate overhaul that will split Vedanta Ltd into multiple listed businesses. Agarwal has linked the push for a new listing to a larger capital plan tied to India’s metals and minerals opportunity. He said he has a vision to bring about $100 billion into India over the next few years for metals and minerals investments. Vedanta Resources was delisted from the London Stock Exchange in 2018, and Agarwal pointed to the group’s historical ability to raise capital while listed. He also indicated that funds will be raised outside India to support the investment drive. The company’s leadership has framed the reorganisation as a way to scale business lines independently as India’s demand for resources rises.

Why the group wants multiple listed companies

The restructuring is designed to turn the conglomerate into five listed firms from one, enabling individual businesses to pursue distinct strategies and capital plans. Vedanta’s plan entails separating four divisions into independently listed companies while the base metals division continues under the parent company. The divisions referenced include steel (ferrous), oil and gas, and power as part of the separation, with base metals staying with Vedanta Ltd. In other statements around the demerger, the group has described the post-split entities as aluminium, oil and gas, power, iron and steel, and a continuing Vedanta Ltd business that includes zinc and silver assets, including Hindustan Zinc. Agarwal has said each of the demerged businesses has the potential to scale significantly over time. The company has positioned the move as a simplification of structure and a way to improve focus on individual operations.

The $100 billion India investment vision and funding needs

Agarwal has repeatedly tied the proposed relisting and the reorganisation to a large investment target for India. He said the group intends to invest about $100 billion into India, and that a substantial portion of funding would be raised outside the country. He also outlined a nearer-term funding requirement, saying the group requires about $10 billion over three to three-and-a-half years. Alongside external funding, Agarwal said Vedanta has about $10 billion in EBITDA and would use internal resources first. He also noted the group previously raised $15 billion, adding that it is exploring other options to raise more funds. The rationale, as described by Agarwal, is that larger funding capacity would help build scale across businesses and align with India’s rising resource needs.

Timeline and approvals: where the demerger stands

Vedanta’s planned reorganisation was originally announced in 2023 to facilitate growth while dealing with debt at the parent level. Reuters reported that the plan received backing from India’s company law tribunal in December, after initial resistance from the government. In a separate update, Vedanta Ltd CFO Ajay Goel said the company aimed to implement the demerger starting April 1, with the process expected to take four to six weeks, and that all five companies were expected to be listed by mid-May. Agarwal told shareholders at the company’s 60th Annual General Meeting that the demerger proposal was in the final stages of receiving necessary approvals. He also said the proposal received support from over 99.5% of shareholders and creditors. Under the scheme described by the company, for every share held in Vedanta Ltd, shareholders will receive one share in each of the four demerged companies when the demerger is completed.

Debt, refinancing and the case for a new listing

The relisting discussion sits alongside efforts to manage borrowing costs and debt. A separate Reuters report said Vedanta Resources is set to refinance $1.2 billion of US dollar bonds and loans as it seeks to replace expensive debt after securing credit-rating upgrades. Another report described the group’s breakup as being aimed at trimming an $11 billion debt pile and giving greater attention to different businesses. Agarwal has suggested that being listed previously helped the group raise capital, and he described the US as an option for Vedanta Resources when discussing potential fundraising routes. He also said that while nothing was on the cards “right now,” the group continues to evaluate alternatives. The combination of refinancing, restructuring, and potential public-market access underlines a broader attempt to lower funding costs and expand capital availability.

Oil and gas focus and production ambition

Agarwal has highlighted the oil and gas division as a major opportunity. The company has also said it plans substantial increases in production for aluminium, oil and gas, and steel. In the Reuters interview, CFO Ajay Goel said the impact of US President Donald Trump’s decision to raise tariffs on aluminium imports to 50% has been “minimal” for Vedanta, citing robust domestic demand in India. That comment adds context to Vedanta’s emphasis on India as a key demand market, even as the company evaluates foreign listing options for fundraising. The group has also said it expects to significantly boost tax inflows to the government and create millions of jobs, linking its expansion plans to broader economic outcomes.

Viceroy Research report and Vedanta’s response

The AGM update came a day after US short-seller Viceroy Research released a report calling Vedanta Resources a “parasite” that is “systematically draining” its Indian subsidiary. Vedanta Ltd officials strongly denied the allegations and said the report offered no new findings that should concern investors. The company’s public stance has been to rebut the claims while keeping focus on the demerger process and approvals. The timing is notable because the group is simultaneously discussing a major structural shift and evaluating funding options, including relisting. For shareholders, the company has continued to emphasise that the demerger is intended to unlock value and sharpen operational focus.

US market plans beyond Vedanta Resources: KCM option

Alongside the possible relisting of Vedanta Resources, the parent has explored US capital markets for other assets too. A company official said Vedanta Resources is looking at multiple options, including listing its Zambian copper business, Konkola Copper Mines (KCM), in the US market to raise capital for mining development. Another report said Vedanta Resources is exploring a US public listing for KCM to raise approximately $1 billion for mine development, and that it has enlisted Barclays and Citigroup as advisers, with New York being considered as a listing venue. This signals that the group is weighing different capital-market routes depending on the asset, funding need, and timing.

Key figures and milestones at a glance

What it means for investors and the market

For Vedanta Ltd shareholders, the central mechanical change is the share distribution: for every Vedanta Ltd share, one share in each of the four demerged companies is expected upon completion. The broader market implication is that separate listings can make each business easier to value, while giving each unit its own management structure and capital framework, as described in the company’s messaging. The group’s stated intention to raise funds, potentially including via a US listing, ties the restructuring to financing flexibility at a time when it is also refinancing existing debt. Government finances are part of the narrative as well, with Agarwal arguing that higher activity in oil and minerals can lift tax inflows to the exchequer. At the same time, the Viceroy report and Vedanta’s rebuttal show that scrutiny of group structure and cash flows remains a live issue as approvals and listings progress.

Conclusion

Vedanta’s plans combine three moving parts: a five-way listed structure for the Indian business, refinancing to reduce borrowing costs, and a renewed discussion on listing Vedanta Resources again, with the US as an option. Agarwal has anchored the strategy around a $100 billion investment ambition for India and a nearer-term funding requirement of about $10 billion over three to three-and-a-half years, while also pointing to about $10 billion in EBITDA as internal support. The next concrete milestones remain tied to the demerger process, including implementation timelines cited from April 1 and an expected listing of the new entities by mid-May, subject to completion of approvals and procedural steps. On the funding front, investors will watch for further updates on refinancing execution and any formal decision on a US listing, whether for Vedanta Resources or assets such as Konkola Copper Mines.