BENGALURU (Reuters) – Indian metals-to-oil conglomerate Vedanta Ltd on Friday said it has initiated a strategic review of its steel and steel raw materials businesses.
The review will begin immediately and will explore options, including a potential strategic sale of some or all of the steel businesses, the firm added.
Friday’s news comes at a time when its owner, Vedanta Group, is relying on money from its units to tackle its debt burden, after efforts to sell some zinc assets to Hindustan Zinc Ltd for $3 billion failed earlier this year.
The company has engaged advisors to assist in the review, it added.
(Reporting by Indranil Sarkar in Bengaluru; Editing by Nivedita Bhattacharjee and Eileen Soreng)
