On Friday, Hindustan Zinc Ltd said it plans to create separate entities for its chemical, lead, silver and recycling businesses to unlock potential value and to appoint external consultants for a comprehensive review of its corporate structure.
Child Vedanta Ltd is also intending to separate its commodities businesses into four companies to have better valuations.
In a statement, Vedanta Chairman Anil Agarwal said the company will consider separately listing all or some of its businesses.
HZL's Board of Directors has appointed a committee of directors to evaluate and recommend options and alternatives to them. The Hindustan Zinc shares rose more than 5 percent to close at Rs 308.25 apiece on Friday.
HZL listed its strategic objectives outlined by the Board of Directors for such an exercise in a stock exchange filing.
Vedanta's parent company, Vedanta Ltd, has been unable to raise funds due to rating downgrades and concerns about meeting its debt obligations.
Agarwal sought to trim the group's debt by getting Hindustan Zinc, a unit of Vedanta Ltd, to buy some of the parent group's zinc assets in a $2.98 billion deal. The central government, which owns nearly 30 percent of Hindustan Zinc, has vowed not to oppose the move.
Hindustan Zinc is the largest minority investor in India, with a 29.54% share, while Vedanta is 64.9%.