Billionaire Anil Agarwal on Thursday outlined a vision to double the size of his mining conglomerate Vedanta, driven by a ‘3D’ strategy focused on demerger, diversification, and deleveraging, a day after US-based short seller Viceroy Research called out Vedanta for being financially unsustainable, arguing the group is on the brink of insolvency,

Addressing shareholders at the company’s 60th annual general meeting, Agarwal said each of the demerged businesses, resulting from a current demerger exercise, has potential to grow into a $100-billion enterprise.

“Our 3D strategy, demerger, diversification and deleveraging will enable us to double in size and unlock maximum value for our stakeholders,” he said.

The Vedanta chairman also said the company is in advanced stages of restructuring its business.

“Our demerger proposal has received support from over 99.5 per cent of shareholders and creditors. This is a vote of confidence like no other.

“Once implemented, for every share held in Vedanta Ltd, each shareholder will receive one share in each of the four demerged companies,” he explained.

The demerger of the company will create separate entities focused on aluminium, oil and gas, power, iron and steel, and zinc and silver. Each Vedanta shareholder will receive shares in the new companies.

On Wednesday, Viceroy Research called London-based Vedanta Resources, the parent of India listed Vedanta Ltd, a “parasite” that is “systematically draining” its Indian unit, an allegation which the group called as “selective misinformation and baseless”, aimed at discrediting it.

The US firm took a short position against the debt of Vedanta Resources, the UK-based parent of Indian miner Vedanta Ltd.