Vedanta Group on Wednesday said it has set up a new copper unit in Saudi Arabia through its subsidiary Malco Energy Ltd for SAR (Saudi Riyal) 1,00,000.
The new unit has been named Vedanta Copper International VCI Company Limited, the company said in an exchange filing.
In September, Vedanta’s board approved a plan to split the business into six separate listed companies.
On August 25, Vedanta chairman Anil Aggarwal said the group was considering listing all or some of the businesses separately based on feedback from advisers.
He also said that listing different businesses separately would help in “pure play” business growth.
Last year the company said it plans to invest in the mineral sector in Saudi Arabia.
