HEG Demerger: HEG Limited has received approval from the National Company Law Tribunal (NCLT), Indore Bench, for its Composite Scheme of Arrangement involving HEG Limited, HEG Graphite Limited and Bhilwara Energy Limited.
The NCLT order approving the scheme was uploaded on its website on August 18, 2026. The scheme will become effective once the certified copy of the order is received and filed with the Registrar of Companies (RoC), according to exchange filing.
HEG Demerger
The demerger will result in two independently listed companies, each with a distinct strategic mandate, focused leadership and separate capital structures. According to the exchange filing, the restructuring is aimed at unlocking long-term value for shareholders by providing differentiated exposure to the graphite electrode business and a growth platform focused on advanced materials, battery energy solutions and renewable energy.
HEG shareholders to receive shares in 1:1 ratio
Under the approved scheme, shareholders of HEG Limited will receive one equity share of HEG Graphite Limited for every one share held in HEG Limited.
The company said the demerger is designed to create two focused businesses that can pursue their respective growth opportunities with greater management attention and a more focused approach.
“HEG Limited will continue to build on its global graphite electrode legacy, while the new company is a natural evolution of our expertise in carbon and advanced materials – extending it into the technologies that will power the next industrial era,” said Ravi Jhunjhunwala, Chairman, MD & CEO.
He added that the new company will have capabilities spanning advanced battery materials, renewable power, storage and hydro energy.
“With capabilities spanning advanced battery materials, renewable power, storage and hydro energy, we aim to build a differentiated, integrated platform that is globally competitive, positioned to scale and capable of contributing meaningfully to India’s energy transition,” Jhunjhunwala said.
Two companies to have distinct strategic focus
Following the restructuring, HEG Limited will continue to focus on its graphite electrode business, while the new company will focus on advanced materials, supported by green power and CNI-based solutions.
Riju Jhunjhunwala, Vice Chairman, said the demerger would create two independently valued businesses with their own strategies and capital allocation.
“The approval marks an important milestone in our value creation journey. The Scheme will create two focused, independently valued businesses, each with a clear strategy, disciplined capital allocation and the flexibility to pursue its own growth path,” he said.
He added that the sharper focus is expected to help each business unlock its potential while creating sustainable, long-term value for shareholders.
