HEG To Split Into Two Listed Firms From September 1, Riju Jhunjhunwala To Lead New Entity

HEG Limited, a graphite electrode manufacturer under the LNJ Bhilwara Group, has completed the final steps of its Composite Scheme of Arrangement, paving the way for the company to split into two separately listed entities.

The company's board has approved September 1, 2026, as the effective date for the scheme, with September 7, 2026, set as the record date for shareholder entitlement. The board also cleared the leadership structure and composition for both companies once the scheme takes effect.

Under the scheme, HEG shareholders as on the record date will receive one fully paid-up equity share of face value ₹2 in the resulting company for every equity share of the same face value held in HEG, on a 1:1 basis. As part of the same arrangement, Bhilwara Energy Limited will be merged into HEG, with HEG issuing eight equity shares of face value ₹2 for every seven shares of face value ₹10 held in Bhilwara Energy Limited.

Once the scheme takes effect, HEG's graphite electrodes business will move into a new entity, HEG Graphite Limited, which is proposed to be renamed HEG Limited and function as a standalone, pure-play graphite electrodes company. The existing listed company will retain the advanced materials, battery energy solutions and green power businesses and is proposed to be renamed HEG Advanced Materials Limited. Both name changes remain subject to approval from the Registrar of Companies and other statutory authorities.

As part of the restructuring, Riju Jhunjhunwala has been elevated to Chairman, Managing Director and Chief Executive Officer of HEG Advanced Materials Limited for a five-year term, subject to shareholder approval. The company said these leadership changes were procedural and linked entirely to the new two-company structure, taking effect only from September 1, 2026.

Ravi Jhunjhunwala, Chairman and Managing Director of HEG Ltd, congratulated Riju Jhunjhunwala on the appointment, saying he was confident the new leadership would help scale the advanced materials business into a globally competitive platform.

Riju Jhunjhunwala said the company's immediate focus would be on scaling synthetic graphite anode material manufacturing while continuing to develop graphene-related applications. He added that HEG Advanced Materials aimed to build long-term capabilities in advanced materials science.

The board of HEG Advanced Materials Limited has also been expanded with the appointment of five additional independent directors for an initial five-year term starting September 1, 2026, subject to shareholder approval. The appointees include Manish Sharma, former Chairman of Panasonic Life Solutions India and South Asia; Sanjeev Mehra, former Managing Director of Tata Power Trading Company; Ameya Suresh Prabhu, Managing Director of Aarna Holdings; Rajiv Dewan, a chartered accountant with board experience across multiple companies; and Pushp Jain, who currently leads the chemicals manufacturing business of the KLJ Group.