MUMBAI: Hindustan Zinc chief executive officer Arun Misra is set to become group CEO of Vedanta Ltd within the next two months, according to people familiar with the matter, marking a key leadership change at the mining-to-metals conglomerate as billionaire Anil Agarwal pushes ahead with a sweeping corporate restructuring.
The transition appears imminent. Hindustan Zinc shareholders are being asked to approve only a two-month extension of Misra's tenure as chief executive, from 1 June to 31 July 2026, at the company's annual general meeting scheduled for 29 June, according to the company's annual report.
The company said the board has approved his reappointment "for a further period of 2 months, i.e. w.e.f. June 01, 2026 to July 31, 2026," an unusually short extension likely intended to facilitate the leadership handover.
Vedanta currently does not have a group CEO. The last executive to hold the position was Sunil Duggal, who served in the role from April 2020 to July 2023, according to his LinkedIn profile. Duggal previously served as chief executive and whole-time director of Hindustan Zinc from 2015 to July 2020.
The leadership change is also expected to trigger a succession process at Hindustan Zinc. The people cited above said former Steel Authority of India Ltd chairman and managing director Amarendu Prakash is the frontrunner to replace Misra at the company.
Prakash resigned from Steel Authority of India Ltd earlier this year and his resignation was accepted on 1 April.
Vedanta did not respond to Mint's request for comment. Prakash also did not respond to a text message seeking his response.
Demerger milestone
The proposed appointment comes as Vedanta advances its demerger plans. Earlier on Monday, four demerged Vedanta group entities—Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil and Gas, and Vedanta Iron and Steel—made their stock market debut, marking a key milestone in Agarwal's effort to split the diversified natural resources group into sector-focused businesses.
The milestone was marked at the BSE, where Agarwal rang the opening bell alongside senior company executives, his daughter Priya Agarwal Hebbar and brother Navin Agarwal. The 71-year-old chairman, who started out as a copper trader in Bihar before building Vedanta into a mining conglomerate, told investors that each of the five companies could eventually be valued at $100 billion and would benefit from India's growth story.
Investors were more cautious. Despite the Sensex closing 0.97% higher, shares of Vedanta's newly listed entities fell, with Vedanta Iron & Steel declining 5.39%, Vedanta Aluminium Metal and Vedanta Oil & Gas each falling 5%, Vedanta Ltd losing 2.23%, and Vedanta Power ending 0.89% lower.
Vedanta Ltd, which will continue to house the group's zinc and silver businesses through Hindustan Zinc, will also serve as an incubator for new opportunities.
The case for Misra
Misra, a mining industry veteran with more than three decades of experience, joined Hindustan Zinc as deputy CEO in November 2019 and became CEO and whole-time director in August 2020.
Under his leadership, Hindustan Zinc delivered a period of strong operational performance, capacity expansion and record profitability, while strengthening its position as one of the world's lowest-cost zinc producers and expanding its focus on critical minerals and sustainability initiatives.
Before joining Hindustan Zinc, Misra held senior leadership positions at Tata Steel across plant operations, mining, safety and project management. He was most recently vice president of the company's raw materials division.
Hindustan Zinc's recent performance underscores why Misra emerged as a leading internal candidate for the top role. The company reported a nearly 20% increase in revenue from operations to ₹40,844 crore in FY26, while profit rose 34% to ₹13,832 crore.
Vedanta Ltd owns a controlling 60.71% stake in Hindustan Zinc, while the Centre holds 27.92% and public shareholders account for the remaining 11.37%.
Vedanta's net debt stood at ₹5.67 billion at the end of FY26, according to its latest earnings presentation.
A report by Institutional Investor Advisory Services India Ltd (IiAS) said the group spent more than ₹6 on acquisitions, dividends and capital expenditure for every ₹1 raised through equity, following a strategy similar to US private equity firms.
The leadership reshuffle comes as Vedanta advances its restructuring plans following the listing of four demerged businesses, with Misra expected to take over the group's top executive role within the next two months, according to the people cited above.
