Mining conglomerate Vedanta group said on November 15 the company's subsidiary, Malco Energy Limited, has set up a new unit in Saudi Arabia for copper business for SAR (saudi riyal) 1,00,000.
The newly incorporated unit has been named 'Vedanta Copper International VCI Company Limited', according to an exchange filing put out by the company.
The move come as the conglomerate mulls restructuring of its business. In September, the company's board approved a plan to split the business into six separately listed companies.
Billionaire Anil Agrawal on August 25 said that Vedanta is considering separately listing all or some businesses, based on feedback from advisors. In a video message to shareholders, the Chairman of the company which has a diversified presence in oil and gas, metals and mining said that separately listing the different businesses will help the "pure play" businesses grow.
Last year, the company flagged its plans to invest in the mineral sector in Saudi Arabia adding that the company is in discussions to identify investment opportunities in the region.
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