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.

Vedanta’s 20 Lakh+ Retail Shareholders to Benefit as Demerger Enters Final Phase

Mining and natural resources major Vedanta’s much-anticipated demerger, which will create five sector-specific entities, has entered its final phase. The Mumbai bench of the National Company Law Tribunal reserved its judgment in November, with a likely pronouncement in December 2025.

Proposed in September 2023, the demerger has been delayed by court-related procedures, taking over two years and now entering its final phase.

Vedanta Limited is one of India’s largest mining and natural resources companies. The demerger is likely to result in significant value creation for shareholders, as metal prices have rallied this year, driving a year-to-date surge of nearly 20% in the Vedanta stock.

As of September 2025, Vedanta has nearly 2021184 retail shareholders (resident individuals), who collectively hold almost 44.63 crore shares in the company. Vedanta also has investments by almost 25,000 Non-Residential Indians, who collectively hold 1.79 crore shares in the company.

Vedanta is a leading Indian natural resources company with a significant global footprint. It has proposed demerging its business units into independent “pure play” companies to unlock value and attract big-ticket investment for expansion and growth.

The company has an asset portfolio comprising zinc, silver, lead, aluminium, chromium, copper, nickel, oil and gas, a traditional ferrous vertical including iron ore and steel, and power, including coal and renewable energy.

After the demerger, each independent entity will have greater freedom to grow to its full potential and realize its true value through independent management, capital allocation, and niche growth strategies. It will also give global and Indian investors the possibility to invest in their preferred vertical, broadening the investor base for Vedanta assets.

The de-merger is planned to be a simple vertical split; for every one share of Vedanta Limited, the shareholders will additionally receive one share of each of the demerged companies.

The demerger will benefit Vedanta’s shareholders as it will simplify Vedanta’s corporate structure with sector-focused independent businesses. It will also provide global investors, including sovereign wealth funds, retail investors, and strategic investors, with direct investment opportunities in dedicated, pure-play companies linked to India’s remarkable growth.

Due to the demerger, each demerged company will have self-driven management teams, providing a platform for individual units to pursue strategic agendas more freely and better align with customers, investment cycles, and end markets. The demerger will also enable investors to value the growth stories within Vedanta’s businesses easily.

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.

Proxy Advisory Firms Back Vedanta’s Demerger Ahead of Key Shareholder Vote Starting Feb. 13

• Leading Indian and international proxy firms have supported the demerger, recommending that shareholders vote in favor of the proposals
• Shareholders & creditors will electronically vote on the proposed resolutions between February 13 and 17.
• Meetings of Vedanta’s shareholders and secured and unsecured creditors will be held on Feb. 18.

Vedanta’s demerger received another endorsement as five leading proxy advisory firms issued reports recommending shareholders vote in favor of the company’s proposed demerger, which would eventually create five separate listed entities. The voting process for shareholders and creditors will occur electronically from Feb. 13 to Feb. 17, ahead of the respective meetings scheduled for Feb.18.

Proxy advisors that have issued the reports include US-based Institutional Shareholder Services Inc (ISS), Glass Lewis, along with Indian firms Institutional Investor Advisory Services (IiAS), InGovern and Stakeholder Empowerment Services (SES).

The demerger will eventually result in five listed entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel, while certain existing and upcoming businesses will remain under Vedanta Ltd. The demerger will likely be completed by July.

Acknowledging Vedanta’s rationale that the demerger will help create independent global-scale companies, US-based ISS noted that Vedanta’s existing shareholders will get shares in each of the newly listed entities, resulting in no dilution. It said,

Shareholders of the company would continue to participate in the growth prospects of the four businesses through their direct equity interest upon completion of the scheme. The shareholding of [the resulting four companies] each will mirror the shareholding of the company. Each of these companies will eventually get listed on the two stock exchanges [NSE & BSE]. Given the above considerations and the sound strategic rationale behind the demerger…. this resolution warrants shareholder support.

Proxy advisor Glass Lewis said in its report that the one-to-one share exchange ratio ensures that shareholders will not experience any adverse economic effects from the eventual listing of the demerged entities. It also added that Vedanta’s management and the board are in the best position to determine what operational decisions are best in the context of the company’s business.

InGovern expects Vedanta’s minority shareholders to benefit as existing shareholders will get shares in the demerged entities. “Minority shareholders will effectively increase their total number of shares across multiple entities, potentially enhancing their overall investment value as these companies grow independently,” InGovern said in its report. “Given the clean swap of shares, which is beneficial for the minority shareholders as well as for the growth of all the companies, we recommend shareholders vote FOR this scheme of arrangement,” it added.

SES, too, observed in its report that the proposed valuation and overall distribution under the demerger is fair. “Effectively, pursuant to the demerger, these resulting companies shall create a mirror image of Vedanta’s shareholding pattern since all of them are wholly-owned subsidiaries of the company and subsequently its shares shall be publicly listed. Additionally, the company has adequately justified the rationale for the Scheme. Therefore, no concern is identified with respect to the proposed scheme for demerger,” it said.

Mumbai-based Institutional Investor Advisory Services (IiAS) also backed the demerger. As per IiAS, the proposed scheme of arrangement will result in unlocking the value of the four resulting companies. “The shares of the [four] resulting companies…. will be listed on the stock exchanges with mirror shareholding. Therefore, the economic interest of shareholders remains unchanged. Hence, we support the transaction,” the firm said in its report.

Brokerages are also bullish on Vedanta’s demerger. In its recent report on Jan. 31, Nuvama maintained a “Buy” rating on Vedanta with a target price of INR 663. “We expect demerger of the business to be likely conclude by end-Q1FY26 as Vedanta seeks lenders’ and equity shareholders’ approval on 18th Feb 25,” it said

127-Year-Old Godrej Conglomerate Splitting Into Two Groups – Key Groups, Impact on Existing Contract and Shareholders

The Godrej family has decided to amicably split the 127-year-old conglomerate into two groups. This significant move will see the division of businesses and assets between the patriarch Adi Godrej and his cousin Jamshyd Godrej.

The Godrej Industries Group (GIG) will be controlled by Adi Godrej, Nadir Godrej, and their immediate families, while the Godrej Enterprises Group (GEG) will be under the control of Jamshyd Godrej and his immediate family.

The GIG includes listed companies such as Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet, and Astec Lifesciences, among others. On the other hand, the GEG comprises unlisted entities like Godrej & Boyce Manufacturing Company and Godrej Infotech Limited, along with their respective subsidiaries and joint ventures.

This restructuring is aimed at maximizing strategic direction, focus, agility, and accelerating the process of creating long-term value for shareholders and all other stakeholders. The realignment has been described as respectful and mindful, ensuring to maintain harmony within the family and acknowledging the differing visions of the family members.

Key businesses under each group after the split

1. Godrej Industries Group (GIG)

• Godrej Industries: A listed company involved in various sectors, including agri-products, chemicals, and real estate.
• Godrej Consumer Products: Known for its consumer goods, including personal care, home care, and hair care products.
• Godrej Properties: A real estate development company.
• Godrej Agrovet: Engaged in animal feed, crop protection, and dairy.
• Astec Lifesciences: A company specializing in agrochemicals and pharmaceutical intermediates.

2. Godrej Enterprises Group (GEG)

• Godrej & Boyce Manufacturing Company: An unlisted entity with diverse interests, including appliances, furniture, and industrial products.
• Godrej Infotech Limited: Provides IT solutions and services.

The split aims to enhance strategic focus and create long-term value for shareholders and stakeholders while respecting the differing visions of the family members.

What will happen to the existing business contracts?

The split is said to be designed to be a strategic realignment with minimal disruption to ongoing operations. According to reports, the existing business contracts will remain in effect, and both groups will continue to honor their commitments.

The companies have stated that they will retain the esteemed Godrej brand and are committed to growing and strengthening their shared heritage. This includes maintaining the memoranda of understandings executed from time to time, especially for the development of land in Mumbai's Vikhroli owned by Godrej and Boyce.

Impact on shareholders

Typically, splits lead to the unlocking of shareholder value. Each group is expected to be financially better off, which can positively impact valuations.

Shareholders of both listed and unlisted companies within the conglomerate may benefit from improved value.

Analysts do not foresee a significant immediate impact on stock prices of listed entities due to the split. However, the overhang of uncertainty related to the restructuring has been removed.

Vikhroli Land Development

The development of land in Mumbai's Vikhroli, owned by Godrej and Boyce (an unlisted entity), is a key point of interest.

If Godrej Properties (a listed company) develops this land, it could be positive for the stock.

The restructuring is pending regulatory approvals, and once completed, it is expected that the two companies will operate independently while still upholding the terms of their existing contracts. The aim is to ensure a smooth transition that respects the legacy of the brand and the interests of all stakeholders, including customers, partners, and employees.

Intel To Demerge Its Programmable Solutions Group (PSG) Operations Into A Standalone Business, Followed by IPO

• Standalone operations for Programmable Solutions Group (PSG) expected to begin Jan. 1, 2024. 
• Sandra Rivera will assume leadership of PSG as chief executive officer (CEO). She will continue to lead Intel’s Data Center and AI Group (DCAI) until a new leader is identified. Shannon Poulin has been named chief operating officer (COO) of PSG. 
• Separation to enable potential private and public equity investments that will help accelerate strategic repositioning of the business and drive substantial value creation.
• Announcement follows successful completion of IPO for Intel’s Mobileye business in 2022, as well as announced private investments by Bain Capital Special Situations and TSMC into Intel’s IMS Nanofabrication subsidiary.

Intel Corporation on Tuesday announced its intent to demerge its Programmable Solutions Group (PSG) operations into a standalone business and seeks an IPO of PSG in next 3 Years. This will give PSG the autonomy and flexibility it needs to fully accelerate its growth and more effectively compete in the FPGA industry, which serves a broad array of markets, including the data center, communications, industrial, automotive, aerospace and defense sectors.

Intel entered FPGA industry by forming the Programmable Solutions Group (PSG), which manufactures reprogrammable chips. PSG was formed by Intel after it acquired Altera in 2015 for $16.7 billion in cash. Intel said it expects the FPGA sector could grow at a compound annual growth rate of over 9%, from $8 billion in revenue in 2023 to $11.5 billion by 2027.

Intel also announced that Sandra Rivera, executive vice president at Intel, will assume leadership of PSG as chief executive officer; Shannon Poulin has been named chief operating officer.

Standalone operations for PSG are expected to begin Jan. 1, 2024, with ongoing support from Intel. Intel expects to report PSG as a separate business unit when it releases first-quarter 2024 financials.

Over the next two to three years, Intel intends to conduct an IPO for PSG and may explore opportunities with private investors to accelerate the business’s growth, with Intel retaining a majority stake. Recently, Arm Holdings (NASDAQ:ARM) Plc, successfully held a $4.87 billion IPO, which stands as the largest since Rivian (NASDAQ:RIVN) Automotive's $13.7 billion offering in 2021.

Post the separation, the two Intel companies will remain strategically aligned, including continuing PSG’s relationship with Intel Foundry Services (IFS), as they work together to address key areas of the FPGA market. Building on PSG’s highly successful Supply Resilience program pilot, the relationship with IFS will also uniquely enable PSG to give customers greater predictability of supply aligned to their needs, ensuring a more resilient supply chain.

Intel CEO Pat Gelsinger said, "Our intention to establish PSG as a standalone business and pursue an IPO is another example of how we are consistently unlocking more value for our stakeholders. This will give PSG the independence it needs to keep growing share in the FPGA market, differentiating itself with capacity and supply resilience from IFS, and allowing Intel product teams to focus on our core business and long-term strategy. "

"Sandra has proven herself by reinvigorating DCAI, placing it on a path for success. I am confident she will bring PSG that same dedication, energy and customer commitment," the Intel CEO said.

Sandra Rivera

Notably, Sandra Rivera has been instrumental in putting Intel’s DCAI business back on the path to leadership and growth, with a more competitive product roadmap, an emphasis on delivering customer value and a strong focus on disciplined execution. Rivera’s track record of driving high-impact transformations extends to her leadership of the Network Platforms Group, where she advanced breakthrough ways to integrate silicon and software to create greater customer value and evolve network infrastructure to Intel-based solutions. Intel has already begun an extensive internal and external search process for a new leader for DCAI. Until that person is identified, Rivera will continue to lead DCAI.

On this announcement, Sandra Rivera said, "This is an incredibly exciting day for me and the PSG team. Reestablishing PSG as a standalone business will enable us to unleash our full potential as we drive for leadership in this demanding and essential part of the semiconductor industry. Our strategic relationship with Intel will continue to be an advantage as it gives us maximum flexibility in how we address fast-growing markets like automotive and data center and communications."

This announcement follows the successful completion of an IPO for the Mobileye business in 2022, as well as announced investments by Bain Capital Special Situations and TSMC into Intel’s IMS Nanofabrication subsidiary in 2023. Together, these transactions

 underscore Intel’s intense focus on advancing its IDM 2.0 strategy, driving growth in its core businesses and creating value for shareholders across all of its assets.

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.