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Vedanta to demerge real estate assets into sixth listed co.

Mint  

Mining conglomerate Vedanta plans to demerge its real estate business into a newly formed, independently listed entity named Vedanta Property Platforms. The demerger aims to unlock value for stakeholders by establishing a "pure-play" real estate firm with its own independent management and operations. Shareholders of Vedanta will receive one share of Vedanta Property Platforms for every 20 shares held in Vedanta.The newly created company will manage a portfolio of 14 land parcels and eight residential and office spaces located across Gujarat, Maharashtra, Goa, Karnataka, and Tamil Nadu. These assets comprise various industrial land parcels, five residential flats in Mumbai, and two bungalows in Panjim. The company intends to use these properties for purposes such as corporate leasing, residential development, hotels, and real estate investment trusts.