Vedanta chief pitches '3D' plan for growth

MINING MAJOR VEDANTA on Thursday held its 60th annual general meeting (AGM), which was streamed live across social media.

- URVI MALVANIA

The meeting comes a day after US short-seller Viceroy Research released a scathing report against the company's UK-based parent Vedanta Resources (VRL).

While most shareholders rallied behind the company, the leadership sidestepped questions on the report, saying that they will "get back soon". In its 87-page report, Viceroy Research claimed that VRL is a "parasite" running a "Ponzi scheme" that has "pushed the entire group to the brink of bankruptcy".

At the AGM, Vedanta chairman Anil Agarwal outlined the group's 3D strategy—demerge, diversify, and deleverage—to unlock growth potential. He said the demerger plan was met with shareholder approval and the restructuring is in process. "This move unlocks value and enables each business to reach its full potential," Agarwal said.