Vedanta Forays into Real Estate with New Subsidiary VPPL
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Vedanta Ltd. announces its entry into the real estate sector by incorporating VPPL. This strategic move aims to monetize surplus land and fund core metals and energy businesses.
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-Âcore property assets and creating a dedicated structure for potential joint ventures and asset-Âlight 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.
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-Âcore property assets and creating a dedicated structure for potential joint ventures and asset-Âlight 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.
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