New Delhi: 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.
