Vedanta Receives NCLT Approval for Demerger Into Independent, Pure-Play Companies

• NCLT approval marks a key milestone in Vedanta’s transformation into focused, sector-leading companies. 
• Paves way for creation of four independent listed entities positioned to pursue accelerated growth. 
• Unlocks value through sharper strategic focus, independent capital allocation, and governance

Vedanta Limited, the world’s leading critical minerals, energy transition, metals, oil & gas, power, and technology conglomerate, today announced that the Mumbai Bench of the National Company Law Tribunal (NCLT) has sanctioned the Scheme of Arrangement for the Company’s demerger into four independent, pure-play businesses by an order dated December 16, 2025.

With this approval and subject to receipt of certain government, regulatory approvals and other stakeholder clearances, Vedanta enters the execution phase of a transformational demerger that will result in five separate listed companies[1] (including already listed Vedanta Limited), each with a clear strategic mandate, focused management teams, and dedicated capital structures. The demerger is designed to unlock long-term value for shareholders and provide investors direct exposure to high-quality, sector-leading assets aligned with India’s growth and global energy transition trends.

It represents a significant step in simplifying Vedanta’s corporate structure while strengthening accountability, transparency, and strategic clarity across the Company’s businesses.

Creating focused, world-class companies

Post demerger, Vedanta’s businesses will operate as independent, sector specific companies, each positioned to capitalise on its respective market opportunities. The resulting entities will be as follows:

• Vedanta Aluminium
• Vedanta Oil & Gas
• Vedanta Iron & Steel
• Vedanta Power*
• Vedanta Limited (to continue as the parent Company housing Hindustan Zinc Limited and incubating future-facing businesses)

(*The approval for demerger of merchant power business of Vedanta Limited is currently pending before the Hon’ble NCLT under a separate proceeding.)

Shareholders of Vedanta Limited will receive equity shares in each of the four resulting listed entities (in addition to their shareholding in Vedanta Limited) in proportion to their existing holdings, ensuring continuity of ownership while enabling direct participation in the growth trajectories of individual businesses.

Strategic rationale

Each demerged entity will operate with greater strategic flexibility, sharper market focus, and independent access to capital. Management teams in the demerged entities will align decision-making more closely with customer needs, investment cycles, and commodity-specific dynamics, while enabling investors to evaluate and value each business on its own merits.

The demerged entities will benefit from India’s continued infrastructure build-out, rapid urbanisation, energy transition, and emphasis on domestic manufacturing and resource security. The new structure positions each Company to respond nimbly to these trends while pursuing disciplined growth and operational excellence.

Commenting on the development, Mr. Anil Agarwal, Chairman, Vedanta Ltd., said:

This is a landmark moment in Vedanta’s journey. The NCLT’s approval reinforces our vision to create focused, world-class companies better aligned with India’s growth ambitions and the evolving global demand for resources, energy, and technology. Each of these entities has the potential to grow manifold, attract strategic investment, and deliver superior value as these sectors are witnessing double digit growth. The demerger is also about empowering leadership and ensuring that our commitment to sustainable growth remains deeply embedded in every Company.

Overview of the resulting businesses

Vedanta Aluminium, a leading global fully integrated producer of aluminium, will operate with strong cost competitiveness, a diversified product portfolio, and a growing focus on value-added and low-carbon aluminium solutions.

Vedanta Oil & Gas, the largest private oil and gas exploration and production company in India, will function as a dedicated upstream exploration and production Company with a large onshore and offshore footprint, focused on enhancing domestic energy security through disciplined development and technology-led resource maximisation.

Vedanta Power, one of the largest private sector power generators in India, will house the existing independent power generation assets and pursue opportunities in India’s evolving power market.

Vedanta Iron & Steel, India's leading producer of iron ore and steel, will bring together iron ore, steel, and value-added ferrous operations, providing a vertically integrated platform with scope for downstream expansion and green steel initiatives.

Vedanta Limited, as the residual entity, will continue to hold its stake in Hindustan Zinc Limited and act as an incubator for new and emerging businesses, including initiatives that are of strategic importance to India.

[1] The listing of the resulting companies will be subject to completion of requisite implementation steps under the approved Scheme of Arrangement, compliance with applicable securities laws, and receipt of such further regulatory, stock exchange, and other customary approvals, consents, and filings as may be required.

Quess Receives NCLT Approval for Three-way Demerger

Quess Corp Limited, India’s largest business services company has received the approval of the Composite Scheme of Arrangement for the demerger from the Hon’ble National Company Law Tribunal (NCLT), Bangalore Bench, on the 4th of March leading to the creation of three public listed entities.

The company had announced the decision to demerge its diversified businesses into three different entities about a year ago in February 2024. With this approval, the demerger plan is taking place as per schedule and the company has been meticulously preparing for this event.

Following this, Quess Corp (Remaining Company) will continue to house India’s largest workforce management company with a headcount of over 5 lakh and a footprint across 9 countries.

Digitide Solutions (Resulting company -1), will offer a comprehensive suite of solutions including BPM Services, Insurtech and HRO. With operations across 30 countries and delivery centres in Manila and India, it is well-positioned to capitalize on emerging BPM opportunities across diverse sectors. Digitide will leverage AI-driven technology to enable businesses in transforming data into enterprise power, provide real-time insights, automation, and scalability.

Bluspring Enterprises (Resulting company -2), will be an infra services company operating primarily in the areas of Facility Management, Food Services, Security Services, Industrial and Telecom Infrastructure Maintenance. Additionally, foundit - an AI driven white-collar job portal and candidate services platform, will be part of Bluspring Enterprises.

All three entities will have a greater strategic focus, with the ability to drive growth and enhance overall performance in the coming years. Upon demerger, all Quess Corp shareholders on the record date will receive one equity share in each of Resulting Company 1 and Resulting Company 2 for every equity share held in Quess Corp.

Commenting on the approval, Mr. Ajit Isaac, Chairman of Quess Corp Ltd., said:

The approval from the Hon’ble NCLT, Bengaluru Bench marks a major milestone in our journey to create three focused and independent listed entities. This move will improve operational efficiency, unlock shareholder value, and allow each entity to pursue its distinct growth strategy in an evolving business landscape.

The next steps include determining the Record date and completion of share allotment to eligible shareholders, the listing of Digitide Solutions Ltd. and Bluspring Enterprises Ltd. on the stock exchanges, establishment of independent governance structures and leadership teams for each entity.

About Quess Corp

Established in Bengaluru in 2007, Quess Corp Limited (BSE: 539978, NSE: QUESS) is India’s leading business services provider - that leverages its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions.

Quess provides a host of managed outsourcing and technology-enabled services across processes such as sales and marketing, customer care, after-sales service, back office operations, staffing, manufacturing, facilities & security management, HR & F&A operations, IT & mobility services etc. Quess has a team of over 616,000 employees, serving 3000+ clients across India, North America, APAC and the Middle East as on Dec 31st, 2024.

Quess Corp announced a three-way demerger of its diversified businesses, ultimately resulting in three separate listed companies, namely Quess Corp Ltd., Digitide Solutions Ltd., and Bluspring Enterprises Ltd., post demerger.

Infosys Ordered to Liquidate Its Subsidiary Skava, A Digital Commerce Firm It Acquired for $120 Mn

Skava Pvt. Ltd., a wholly owned subsidiary of Infosys Ltd., was recently liquidated by the National Company Law Tribunal (NCLT) effective from November 14, 2024.

The liquidation of Skava Pvt. Ltd. was ordered by the NCLT. Infosys received a certified copy of the order on November 28, 20241. The NCLT's decision was based on Skava's reclassification from "held for sale" status in 2019 and its net worth of Rs 2.72 crore as of March 31, 2024.

Infosys shares fell by 3.53% following the announcement of Skava's liquidation.

Infosys had initially acquired Skava, a digital commerce firm, for $120 million in 2015 as part of its strategy to enhance digital experiences for clients. However, plans to sell the firm were eventually abandoned, and its assets were repurposed its business as they didn't expect a sale to materialize.

Skava Pvt. Ltd. was a digital commerce firm acquired by Infosys in 2015 for $120 million. The company specialized in providing digital experience solutions for the retail industry. Infosys acquired Skava as part of its strategy to enhance digital experiences for clients through IP-led technology offerings.

Infosys took a cumulative write-off of Rs 451 crore for Skava, including Rs 358 crore towards goodwill and Rs 93 crore towards the value of customer relationships.

Skava Pvt. Ltd. was founded in 2002, by Arish Ali and Arvind Parthasarathy. The company initially focused on providing modern e-commerce capabilities to business clients, offering modular microservices architecture and rich front-end applications.

Skava was primarily backed by accelerator/incubator programs before being acquired by Infosys.

NCLT Approves Piramal Enterprises Demerger

The Hon’ble National Company Law Tribunal today approved the demerger of Piramal Enterprises’ (PEL) Pharma business and the simplification of the company’s corporate structure. The Order now paves the way towards creation of two separate listed entities viz. Piramal Enterprises Limited (NBFC) and Piramal Pharma Limited.

The Board had approved the demerger of the Pharma business and the simplification of the corporate structure in October 2021. Subsequently, in connection with the composite scheme of arrangement, the Company has obtained consent from RBI, SEBI, Stock Exchanges, and clearances from our creditors and equity shareholders. In July 2022, PEL also received the RBI approval for the NBFC license for PEL.

The demerged entities will have greater focus and ability to pursue accelerated growth, resulting in likely improvement in their performance in coming years. In consideration of the demerger, shareholders of PEL will get 4 (four) shares of PPL for every 1 (one) share in PEL, in addition to their existing holding in PEL.

Chairperson of Piramal Enterprises Ltd, Mr. Ajay Piramal said, “The approval from the Honourable NCLT on the demerger of our Pharma business and the simplification of the corporate structure is a significant milestone. We are on track to achieve the completion of demerger and separate listing of Piramal Pharma by the third quarter of the current financial year.

The demerger creates of one of India’s large listed diversified NBFCs, with a loan book of
nearly $9 Billion. It will have significant presence across both retail and wholesale financing, leveraging technology at its core. The pharma company will be a large listed entity in the pharmaceutical sector with revenues of nearly $1 Billion. It offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network of over 100 countries.”

About Piramal Enterprises Ltd:

Piramal Enterprises Limited (PEL) is one of the large companies in India, with a presence in Financial Services and Pharmaceuticals. PEL's consolidated revenues were US$ 1.9 Billion in FY 2022, with ~39 % of revenues generated from outside India.

In Financial Services, the company offers a wide range of financial products and solutions, with a presence across both retail and wholesale financing. Within retail lending, through its multi-product platform, the company offers home loans, loans for small businesses and loans for working capital to customers in affordable housing and mass affluent segments across Tier I, II and III cities. Within wholesale lending, the business provides financing to real estate developers, as well as corporate clients. The company has also formed strategic partnerships with leading financial institutions such as CPPIB, APG and Ivanhoe Cambridge, etc., across various investment platforms. Piramal Alternatives, the fund management business, provides customised financing solutions to high-quality corporates through – 'Piramal Credit Fund', a performing, sector-agnostic credit fund with capital commitment from CDPQ; and 'IndiaRF', a distressed asset investing platform with Bain Capital Credit, which invests in equity and/or debt across non-real estate sectors. PEL also has equity investments in the Shriram Group, a leading financial conglomerate in India.

Piramal Pharma Limited (PPL) offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network over 100 countries. PPL includes: Piramal Pharma Solutions (PPS), an integrated Contract Development and Manufacturing Organization; Piramal Critical Care (PCC), a Complex Hospital Generics business, and the India Consumer Healthcare business, selling over-the counter products. PPS offers end-to-end development and manufacturing solutions through a globally integrated network of facilities across the drug life cycle to innovator and generic companies. PCC’s complex hospital product portfolio includes inhalation anaesthetics, intrathecal therapies for spasticity and pain management, injectable pain and anaesthetics, injectable anti-infectives, and other therapies. The India Consumer Healthcare business is among the leading players in India in the self-care space, with established brands in the Indian consumer healthcare market. In addition, PPL has a joint venture with Allergan, a leader in ophthalmology in the Indian formulations market. In October 2020, the company received growth equity investment from the Carlyle Group.