HEG Limited, part of the LNJ Bhilwara Group and a leading manufacturer of graphite electrodes, has completed key steps for the implementation of its Composite Scheme of Arrangement, paving the way for the creation of two independent listed businesses. The company’s Board has approved September 1, 2026, as the Effective Date for the scheme and September 7, 2026, as the Record Date for determining shareholder entitlement.
Under the demerger, shareholders holding HEG shares on the Record Date will receive one fully paid-up equity share of ₹2 each in the resulting company for every one equity share of ₹2 each held in HEG, representing a 1:1 entitlement. The scheme also provides for the amalgamation of Bhilwara Energy Limited into HEG. As part of this process, HEG will issue eight equity shares of ₹2 each for every seven equity shares of ₹10 each held in Bhilwara Energy Limited.
Following implementation, the existing graphite electrode business will move into the resulting company, HEG Graphite Limited, which is proposed to be renamed HEG Limited and operate as a separately listed, pure-play graphite electrode company. The existing listed entity, currently trading as HEG on the BSE and NSE, will retain the advanced materials, battery energy solutions and green power businesses. It is proposed to be renamed HEG Advanced Materials Limited. The proposed name changes remain subject to approvals from the Registrar of Companies and other statutory authorities.
Ravi Jhunjhunwala will lead the company as Chairman, Managing Director and CEO from September 1. He will also continue on the board of HEG Advanced Materials. Riju Jhunjhunwala has been appointed Chairman, Managing Director and CEO of HEG Advanced Materials for a five-year term, subject to shareholder approval. The advanced materials business will focus on areas including synthetic graphite anode materials, graphene and related applications, while continuing investments in research and industrial-scale capabilities.
“I warmly congratulate Riju on his appointment as Chairman, MD & CEO of HEG Advanced Materials,” said Ravi Jhunjhunwala, Chairman and Managing Director, of the company. He said the new company would build on the Group’s expertise in carbon science and expand into advanced materials, battery energy solutions and renewable energy. Riju Jhunjhunwala said the company would focus on scaling synthetic graphite anode materials, advancing graphene applications and developing technologies for global markets.
The company will also have a strengthened independent board. Five additional non-executive independent directors have been appointed for an initial five-year term beginning September 1, 2026, subject to shareholder approval. They are Manish Sharma, Sanjeev Mehra, Ameya Suresh Prabhu, Rajiv Dewan and Pushp Jain.
