Vedanta board approves appointment of Rajiv Kumar as CEO of aluminium biz

Vedanta on Wednesday said its board has approved the appointment of Rajiv Kumar as CEO of its aluminium business.

The development comes at a time when Vedanta is demerging its businesses, including its aluminium business, into four independent entities.

Prior to joining Vedanta, Kumar was with Tata Steel. He has over three decades of experience in the steel and mining sectors.

He will drive adoption and deployment of best-in-class technologies and processes, with a focus on innovation and digitalisation, for business transformation.

His leadership will be instrumental in unlocking long-term value for shareholders and other stakeholders.

Vedanta Ltd Chairman Anil Agarwal had this month reaffirmed the company's commitment to unlocking value, saying the four new companies that will emerge from the demerger, have the potential to grow into USD 100 billion firms each.

The company's proposeer wd demergill create four independent natural resource-focused entities with management structures, capital frameworks, and strategic priorities.

The mining tycoon launched the plan to overhaul the business in 2023 after failing to take Vedanta private in 2020.

According to Vedanta's demerger scheme, every Vedanta shareholder will receive 1 additional share in each of the 4 newly demerged companies on the completion of the demerger process.

The other companies that will be created out of the demerger are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Iron and Steel, and Vedanta Limited which will include the world's second-largest integrated zinc producer and third largest silver producer in Hindustan Zinc.