Vedanta Gets Court Nod to Split Business, Shares Hit Record (2)

Billionaire Anil Agarwal’s Vedanta Ltd. has secured approval from an Indian court to break up the sprawling conglomerate, advancing efforts to reduce its multi-billion debt burden at the parent level.

A two-member panel of the National Company Law Tribunal gave the nod on Tuesday. “The scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy,” the court said in its written order.

There is an option to appeal against this ruling.

“The approval marks a key milestone in Vedanta’s transformation into focused, sector-leading companies with clear strategic ...