SynopsisVedanta Ltd is on track to conclude the sale of its steel assets by March 2024, focusing on its core mining business, suggest a report in CNBC. The conglomerate initiated a review of its steel raw material business earlier this year. This decision follows Vedanta's recent board approval to separate various segments, including steel, into separate listed companies, aiming to reduce debt and enhance value creation. The restructuring process is pending approval from shareholders and lenders and is anticipated to be completed in 12-15 months.ArticleVedanta Ltd, led by Chairman Anil Agarwal, has announced its commitment to finalize the sale of its steel assets by March 2024 as part of a strategic shift towards its core mining operations. The natural resources and technology conglomerate ventured into the steel production sector in 2018 through the acquisition of ESL Steel. However, the company initiated a comprehensive review of its steel raw material business in June, leading to this decision.This strategic move comes in the wake of Vedanta's recent board approval for a significant corporate overhaul. The plan entails the separation of key segments, including aluminum, oil and gas, power, steel, ferrous materials, and base metals, into distinct listed entities. The primary objective of this restructuring is to reduce the conglomerate's debt burden and enhance overall value creation.While the board has given its approval, the proposed restructuring is still contingent on obtaining the consent of shareholders and lenders. Once the necessary approvals are secured, the conglomerate anticipates completing the process within a timeframe of 12 to 15 months.This proactive approach by Vedanta aligns with its strategic vision to streamline operations, focus on core competencies, and optimize its portfolio. The conglomerate's commitment to concluding the sale of its steel assets underscores its dedication to this strategic realignment.ConclusionVedanta Ltd's decision to expedite the sale of its steel assets by March 2024 is a significant step in its strategic restructuring plan. By concentrating on its core mining business and separating various segments into distinct entities, Vedanta aims to enhance its financial position and create additional value for stakeholders. The successful execution of this strategy, pending approvals, is expected to strengthen the conglomerate's position in the natural resources and technology sectors.