The company incorporated Vedanta Base Metals on 9 October 2023, with an authorized capital and subscribed capital of Rs 1 lakh each.

The subsidiary has been incorporated for the purpose of implementation of demerger scheme.

The minor incorporated the subsidiary by subscribing to 1,00,000 equity shares of Rs 1 each, aggregating to Rs 1 lakh.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

On consolidated basis, the miner's net profit tumbled 40.8% to Rs 3,308 crore in Q1 FY24 on 12.8% decline in revenue from operations to Rs 33,342 crore in Q1 FY24 over Q1 FY23.