HEG Limited Completes Demerger, Restructures Business Units into Two Independent Entities

HEG Limited Completes Demerger, Restructures Business Units into Two Independent Entities​

HEG Limited, a key part of the LNJ Bhilwara Group, has finalized the composite scheme of arrangement that will result in the creation of two distinct, publicly listed companies. The demerger is scheduled to take effect from September 1, 2026, with the Record Date for shareholder entitlement set for September 7, 2026. This strategic restructuring sees the company’s operations split into a pure-play graphite electrodes entity and a specialized advanced materials company.

The scheme involves the creation of HEG Graphite Limited and the continuation of the existing listed entity as HEG Advanced Materials Limited. The resulting entities will be independently listed and will manage their respective businesses moving forward.

Details of the Demerger and Business Split​

Under the demerger, shareholders of HEG as of the Record Date will receive a 1:1 entitlement: one fully paid-up equity share of face value ₹2 in the resulting company for every one equity share of face value ₹2 held in HEG.

In addition, Bhilwara Energy Limited will be amalgamated into HEG, at which point HEG will issue eight equity shares of face value ₹2 for every seven equity shares of face value ₹10 held in Bhilwara Energy Limited.

The division of businesses is as follows:


Both name changes are pending the approval of the Registrar of Companies and other statutory authorities.

Changes in Leadership and Board Composition​

The restructuring also introduced significant changes in leadership and board composition for both entities, effective from September 1, 2026.

Mr. Ravi Jhunjhunwala will assume the roles of Chairman, Managing Director, and CEO of HEG Graphite Limited. He will also continue on the board of HEG Advanced Materials Ltd.

Concurrently, Mr. Riju Jhunjhunwala has been elevated to the positions of Chairman, Managing Director, and CEO of HEG Advanced Materials Limited for a five-year term, subject to shareholder approval.

Commenting on Riju’s appointment, Mr. Ravi Jhunjhunwala, Chairman and Managing Director of HEG Ltd, stated, "I warmly congratulate Riju on his appointment as Chairman, MD & CEO of HEG Advanced Materials. He brings the vision and discipline to lead a platform that carries forward five decades of the Group's expertise in carbon into advanced materials, battery energy solutions and renewable energy. I am confident that under his leadership, HEG Advanced Materials will scale into a differentiated, globally competitive business and create enduring value for all its stakeholders."

Mr. Riju Jhunjhunwala, Chairman, MD and CEO of HEG Advanced Materials, added, "I am delighted to lead HEG Advanced Materials as we begin this next chapter for the LNJ Bhilwara Group. We are building on more than five decades of expertise in carbon science, graphitisation, and industrial manufacturing to create advanced materials capabilities from India for global markets."

Strengthening the Board of HEG Advanced Materials​

The Board of HEG Advanced Materials Limited has appointed five Additional Directors in the category of Non-Executive Independent Directors for the initial term of five consecutive years, running from September 1, 2026, until August 31, 2031, subject to shareholder approval.

The newly appointed independent directors include:

• Mr. Manish Sharma, who has extensive leadership experience in the consumer electronics industry, having previously served as Chairman and Enterprise Growth Officer of Panasonic Life Solutions India and South Asia.
• Mr. Sanjeev Mehra, a veteran of the power sector, who previously served as Managing Director of Tata Power Trading Company and holds Independent Director positions at Malana Power Company Limited and AD Hydro Power Limited.
• Mr. Ameya Suresh Prabhu, Managing Director of Aarna Holdings, Founder and CEO of NAFA Capital, and a designated Young Global Leader by the World Economic Forum.
• Mr. Rajiv Dewan, a Fellow Member of the Institute of Chartered Accountants of India with nearly four decades of experience.
• Mr. Pushp Jain, who holds an MBA with specialization in Finance and Marketing from the University of Southern California, Los Angeles, U.S.A. and leads the chemicals manufacturing business of the KLJ Group.

About HEG Limited​

HEG Limited, part of the LNJ Bhilwara Group, is recognized as a leading global manufacturer of graphite electrodes, primarily used in electric arc furnace steelmaking. The company is also engaged in advanced battery materials, battery energy storage solutions, and green power generation. HEG is listed on the BSE (Scrip Code: 509631) and the National Stock Exchange of India (Symbol: HEG).

HEG Stock Price Movement​

Today, HEG Limited shares shed 0.38%, settling at ₹721.55 in post-market trading after the close. During the session, the stock traded within a range of ₹708 to ₹730, with approximately 1.08 million shares transacted.