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Vedantachairman Anil Agarwal on Wednesday said that the company is going ahead with the proposed demerger of its businesses that will lead to the formation of six separate firms.

The company has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company’s plan to split into six independent listed companies.

Addressing shareholders during the 59th Annual General Meeting, Agarwal said, “We are going ahead with the demerger of our businesses, which will lead to the creation of 6 strong companies, each a Vedanta in its own right. This will unlock massive value.”

Each demerged entity, he said, will plan its own course but follow Vedanta’s core values, its enterprising spirit and global leadership.

“As we stand on the brink of an amazing transformation, our josh is high,” Agarwal said. “The demerger will lend speed to our journey.”

Each entity will have more independence with regard to capital allocation and growth strategies, Agarwal said, adding that investors will have the freedom to invest in the industries of their choice, broadening the overall investor base for Vedanta assets.

“For every one share of Vedanta Ltd that shareholders currently own, they will additionally receive one share of each of the five newly listed companies,” he said.

Today 70% of Vedanta’s top line comes from critical minerals of the future, he said, adding that the company is committed to producing these metals and minerals sustainably.

The company, Agarwal said, had invested over $35 billion in India and remains committed to growth.

“This year, we actively engaged in rapid expansion efforts — the new 1.5 million tonnes per annum (MTPA) expansion at our alumina refinery in Lanjigarh, operationalising the Bicholim mine in Goa, commencing production at our Jaya oilfield in Gujarat. We also acquired the Athena and Meenakshi power plants in FY24 doubling our merchant power capacity to 5 GW,” he said.

As of now, the company has over 50 projects under execution with high potential for increasing volume, business integration, and enhancing the range of value-added products across businesses.

“Our investment in growth projects is substantial, amounting to approximately $8 billion. These include our aluminium smelter, our alumina refinery, a copper smelter in Saudi Arabia, investment in new oil and gas blocks, and expansion of our steel and iron ore businesses,” Agarwal said.

“These projects have already begun to contribute to our top and bottom lines. With this investment and the efforts of our team, which includes over 100 expatriates and global experts, we are well-positioned to meet our EBITDA target of $10 billion in the near future,” he explained.

Vedanta had in September last year announced the demerger of metals, power, aluminium, and oil and gas businesses to unlock potential value. After the exercise, six independent verticals—Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited—will be created.