India’s Vedanta Ltd initiates review of steel businesses – ET Infra

BENGALURU: Indian metals-to-oil conglomerate Vedanta Ltd on Friday said it has initiated a strategic review of its steel and steel raw materials businesses.

The review will begin immediately and will explore options, including a potential strategic sale of some or all of the steel businesses, the firm added.

Friday’s news comes at a time when its owner, Vedanta Group, is relying on money from its units to tackle its debt burden, after efforts to sell some zinc assets to Hindustan Zinc Ltd for $3 billion failed earlier this year.

The company has engaged advisors to assist in the review, it added.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Nivedita Bhattacharjee and Eileen Soreng)

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