The plan needs approval from a majority representing three-fourths in debt value of the creditors present at the meeting to be implemented. The overhaul will allow the billionaire Anil Agarwal-controlled group to list its businesses as separate units. Vedanta’s parent, Vedanta Resources Ltd., will remain the holding company. The London-based parent has cut its debt by more than $4 billion in the past two years, and aims to repay $3 billion more over the next three years. The demerger is expected to help attract investors interested in some of company’s newer but riskier businesses such as semiconductors, the company said in a statement on Monday. The plan is a key step in a months-long effort to simplify the group”s structure and help manage its debt burden, the statement said. It is expected that lenders will discuss the much-awaited overhaul plan on Feb. 18 and vote on it, according to a statement from the company.
The plan needs approval from a majority representing three-f….
