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Vedanta Ltd.’s creditors will meet Tuesday to give their final verdict on a plan to split the Indian mining conglomerate into at least five different businesses, a key step in a months-long effort to simplify the group’s structure and help manage its debt burden.

Both secured and unsecured lenders will discuss the much-awaited overhaul plan on Feb. 18 and vote on it, according to a statement from the company.

The plan needs approval from a majority representing three-fourths in debt value of the creditors present at the meeting to be implemented.

Vedanta Ltd. shares have gained about 54% in the past 12 months, giving the company a market value of roughly 1.623 trillion rupees ($18.7 billion) , according to data compiled by Bloomberg. Vedanta Ltd, according to the company, is demerging four companies including oil and gas, aluminium, power, iron and steel businesses.

The overhaul will also allow the billionaire Anil Agarwal-controlled group to list its businesses as separate units and improve the overall valuation of the group. Vedanta’s parent, Vedanta Resources Ltd., will remain the holding company.

Agarwal has long expressed his desire to simplify the complex financial structure, but previous plans could not be implemented despite lenders approval.

The London-based parent has cut its debt by more than $4 billion in the past two years, and aims to repay $3 billion more over the next three years.

--With assistance from Anirban Nag.

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