The break-up of Vedanta Ltd into five listed entities by early April will create “phenomenal shareholder value”, and the split would give the new units a “free hand to grow”, chairman Anil Agarwal said.

In an interview with the Financial Times, the Vedanta chief suggested the combined market capitalisation of the five companies would be much higher than the conglomerate’s current $27 billion level.

“People are saying that, comfortably, it should double,” he said.

The new structure would create standalone listed companies for aluminium, zinc, oil and gas, steel and power, Agarwal said, adding that they would collectively have about $7 billion in debt.

The mining major has been working on the restructuring of the business for years, primarily with the aim of managing debt load, which stands at $11 billion according to S&P Capital IQ.

A private parent company controlled by Agarwal will retain about half the shares in each of the new entities, he added.

Late last year, Vedanta overturned a legal challenge to its break-up plan from the Indian government, clearing the way for the split to proceed.