Vedanta Limited’s Board of Directors approved the demerger of its real estate business into a new entity, Vedanta Property Platforms Limited (VPPL), on July 30, 2026. The move aims to unlock significant value from the company’s surplus real estate portfolio by creating a focused, pure-play real estate platform. Shareholders will receive one fully paid-up equity share of VPPL for every 20 fully paid-up equity shares of Vedanta Limited held as on the record date, with no cash consideration involved.

The approval follows the successful implementation of Vedanta’s broader five-way demerger earlier this year, which created independent listed entities for its oil and gas, aluminium, power, and steel businesses. The real estate demerger is structured as a vertical split under a Scheme of Arrangement, requiring approvals from the National Company Law Tribunal (NCLT), Mumbai, stock exchanges, and other regulatory bodies. The company expects to file for no-objection letters from the BSE and NSE in August 2026, with the process potentially concluding in FY28.

Real Estate Portfolio Details

The demerged undertaking comprises approximately 2,264 acres of land across 14 parcels and ~53,185 square feet of residential and commercial built-up space across eight units. These assets are strategically located across Gujarat, Maharashtra, Goa, Karnataka, and Tamil Nadu. The portfolio includes industrial land, agricultural space, residential flats, bungalows, and commercial office spaces. Additionally, the demerger includes Vedanta’s 50% stake in Gaurav Overseas Private Limited (GOPL).

The real estate business contributed ₹1.26 crore to Vedanta’s standalone turnover in FY26, representing just 0.001% of the total. Despite its minimal current revenue impact, management views the portfolio as having significant embedded value due to its strategic locations and potential for development, leasing, or joint ventures.

Strategic Rationale and Value Unlocking

Vedanta Group Chairman Anil Agarwal stated that the demerger follows the success of the recent five-way split, aiming to create another “pure-play” entity to unlock stakeholder value. The consolidation of real estate assets into VPPL is expected to enable focused management, improved transparency, and access to sector-specific investors and lenders. The company plans to explore concurrent schemes to acquire real estate undertakings from other Vedanta group companies, including Meenakshi Energy Limited and Incab Industries Limited, at fair value.

The resulting company, VPPL, will be listed on both the BSE and NSE. Post-demerger, the promoter and promoter group will hold 54.72% of VPPL’s issued capital, while public shareholders will hold 45.12%. The transaction is structured to be tax-neutral, with an estimated stamp duty cost of approximately ₹73 crore. Fractional shares arising from the 1:20 entitlement ratio will be consolidated and sold by a trustee, with proceeds distributed to concerned shareholders.

Vedanta Limited's Board of Directors convened on July 30, 2026, and approved a series of significant governance and human capital decisions, including the re-appointment of two directors, the designation of four new Senior Management Personnel (SMPs), and the launch of two new employee equity incentive schemes. All director appointments remain subject to shareholder approval.

Board-Level Appointments

The Board, acting on the recommendation of the Nomination and Remuneration Committee (NRC), approved the re-appointment of two key figures at its July 30, 2026 meeting.

Mr. Prasun Kumar Mukherjee (DIN: 00015999), aged 70 years, brings nearly four decades of experience in finance, accounts, costing, taxation, legal, and general management. He served as Executive Director of Sesa Goa Limited and the Vedanta Group's Iron Ore Business from 2006 to 2014, having joined Sesa Goa Limited in 1987. He was recognised as one of India's Best CFOs in 2005 by Business Today magazine and as India's most 'Valuable' CEO in 2009 by Business World magazine. He is a member of the Strategy Board of the Global Risk Management Institute (GRMI) and an ex-officio permanent member of the Managing Committee of the Federation of Indian Mineral Industries (FIMI). Mr. Mukherjee holds a Bachelor's degree in Commerce from Calcutta University and is both an Associate Member of the Institute of Cost Accountants of India and a Fellow Member of the Institute of Chartered Accountants of India.

Mr. Arun Misra (DIN: 01835605) was appointed as Executive Director with effect from August 01, 2023, and has also served as CEO of Hindustan Zinc Limited (HZL), a subsidiary of the Company. He was appointed Deputy CEO of HZL on November 20, 2019 and was elevated to CEO & WTD of HZL with effect from August 01, 2020 till July 31, 2026. He is the first ever Indian Chairperson of the International Zinc Association and Vice President of the Indian Institute of Mineral Engineers. He holds a bachelor's degree in electrical engineering from IIT Kharagpur, a Diploma in Mining and Beneficiation from the University of New South Wales Sydney, and a Diploma in General Management from CEDEP, France. Mr. Misra brings over 35 years of experience, having started his career with Tata Steel in July 1988.

Changes in Senior Management Personnel

The Board also approved the designation and appointment of four new SMPs, effective as detailed below:

• Mr. Amarendu Prakash joined HZL in June 2026 as CEO Designate and was elevated to CEO, HZL effective August 01, 2026. A Metallurgical Engineer from BIT Sindri, he joined SAIL in 1991 and served as its Chairman & Managing Director, driving capacity expansion, operational excellence, digitalization, and sustainability initiatives.
• Mr. Puneet Khurana has been associated with Vedanta since 2006 and serves as CEO of Copper and Nickel Operations. He holds a B.Tech degree from AKG Engineering College, Ghaziabad, and an MBA from ICAI Business School, Hyderabad.
• Mr. Vijay Kumar leads Vedanta Zinc International (VZI) with a mandate to lift integrated production from 210 ktpa to 550 ktpa in the medium term, advancing toward the 1 Mtpa vision. He holds a Mining Engineering degree from IIT BHU, an MBA from XLRI Jamshedpur, and completed the Advanced Management Programme at IESE Business School, Spain.
• Mr. Manoj Kumar Keshari was appointed CEO of FACOR in June 2026. He joined Vedanta in 2008 and has over 30 years of experience, previously associated with Tata Steel and SMS Demag Pvt. Ltd. He holds a B.E. in Mechanical from Pt. Ravishankar Shukla University and an M.Tech in Manufacturing Management from BITS Pilani.

Launch of VEDL ESOP 2026 and VEDL ESPP 2026

The Board approved the formulation, adoption, and implementation of two new employee equity incentive schemes — the Vedanta Limited Employee Stock Option Plan 2026 (VEDL ESOP 2026) and the Vedanta Limited Employee Share Purchase Plan 2026 (VEDL ESPP 2026) — subject to shareholder approval. VEDL ESOP 2026 will supersede the existing Vedanta Employee Stock Option Scheme 2016. Both schemes will be implemented through the existing VEDL Trust via secondary acquisition from the open market, in compliance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Both schemes are open to eligible employees of the Company, its holding company, and subsidiaries, excluding promoters, promoter group, independent directors, and persons holding more than 10% equity. Options under VEDL ESOP 2026 will vest based on achievement of performance parameters as determined by the NRC. The total number of shares under all outstanding schemes held by the VEDL Trust through secondary acquisition shall at no point exceed 5% of the paid-up equity share capital of the Company. No grants or offers have been made under either scheme as of the date of the Board meeting.