Vedanta announces foray into real estate sector

New Delhi, Jun 24 (PTI) Vedanta Ltd on Wednesday said it has incorporated a wholly-owned company Vedanta Property Platforms Ltd (VPPL) to foray into real estate sector.

VPPL will serve as a strategic vehicle for Vedanta’s real estate business and related activities.

The move is aimed at monetising surplus land and non-‘core property assets and creating a dedicated structure for potential joint ventures and asset-‘light initiatives to fund expansion in its core metals and energy businesses.

In a filing to BSE, the company said VPPL was incorporated in Mumbai, Maharashtra, on June 22.

The subsidiary will serve as a strategic platform for undertaking real estate business and ancillary activities. It has an authorised capital of Rs 1 lakh, comprising

1 lakh equity shares of Rs 1 each. Its subscribed capital also stands at Rs 1 lakh.

Vedanta has subscribed to 100 per cent of the equity share capital of the company through a cash consideration of Rs 1 lakh, making VPPL a wholly-owned arm.

As the company has been newly incorporated, it has not yet commenced business operations and therefore has no turnover at present.

Vedanta Ltd is a leading global producer of metals, critical minerals and technology with operations across India, Africa, the Middle East and East Asia. PTI SID ANU ANU