{"id":67406,"date":"2026-05-30T16:37:44","date_gmt":"2026-05-30T11:07:44","guid":{"rendered":"https:\/\/www.equentis.com\/blog\/?p=67406"},"modified":"2026-05-30T16:37:46","modified_gmt":"2026-05-30T11:07:46","slug":"vedanta-demerger-nears-completion-four-new-entities-expected-to-list-next-month","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/vedanta-demerger-nears-completion-four-new-entities-expected-to-list-next-month\/","title":{"rendered":"Vedanta Demerger Nears Completion; Four New Entities Expected to List Next Month"},"content":{"rendered":"
<\/div>\n

Summary<\/strong><\/h2>\n\n\n\n

The long-awaited Vedanta demerger is nearing completion, with four newly created business entities expected to be listed on Indian stock exchanges next month. The restructuring aims to separate Vedanta’s diverse operations into independent companies focused on specific sectors such as aluminium, oil and gas, power, and base metals. The primary objective is to unlock shareholder value, improve operational focus, enhance transparency, and allow investors to evaluate each business independently. While the demerger could create significant opportunities for investors through clearer valuations and sector-specific growth strategies, it also introduces risks related to execution, market sentiment, and standalone business performance after listing.<\/p>\n\n\n\n

Introduction<\/strong><\/h2>\n\n\n\n

Corporate restructurings often attract significant attention from investors, but few have generated as much discussion in recent years as the Vedanta demerger. After months of regulatory approvals, shareholder discussions, and strategic planning, the conglomerate’s restructuring process appears to be entering its final phase.<\/p>\n\n\n\n

Reports suggest that four newly separated Vedanta entities are expected to begin trading on stock exchanges next month, marking a major milestone for one of India’s largest natural resources groups.<\/p>\n\n\n\n

The development is important not only because of Vedanta’s scale but also because it reflects a broader trend among large conglomerates seeking to simplify business structures, improve capital allocation, and unlock shareholder value.<\/p>\n\n\n\n

For investors, the demerger raises several important questions. How will the new entities operate independently? What opportunities could emerge from the restructuring? And what risks should investors consider as the new companies prepare to enter the public market?<\/p>\n\n\n\n

Understanding the rationale behind the Vedanta demerger and its potential implications can help investors navigate this significant corporate event.<\/p>\n\n\n\n

Understanding the Vedanta Demerger<\/strong><\/h2>\n\n\n\n

A demerger occurs when a company separates parts of its business into independent entities.<\/p>\n\n\n\n

Instead of operating multiple businesses under one corporate structure, each business becomes a standalone company with its own management, strategy, financial reporting, and market valuation.<\/p>\n\n\n\n

In Vedanta’s case, the objective is to separate its diversified portfolio of businesses into focused sector-specific companies.<\/p>\n\n\n\n

Historically, Vedanta has operated across several industries, including:<\/p>\n\n\n\n

    \n
  • Aluminium<\/li>\n\n\n\n
  • Oil and gas<\/li>\n\n\n\n
  • Power generation<\/li>\n\n\n\n
  • Zinc<\/li>\n\n\n\n
  • Copper<\/li>\n\n\n\n
  • Iron ore<\/li>\n\n\n\n
  • Steel<\/li>\n\n\n\n
  • Base metals<\/li>\n<\/ul>\n\n\n\n

    While diversification can provide stability, it can also make it difficult for investors to accurately assess the value of individual business segments.<\/p>\n\n\n\n

    The demerger seeks to address this challenge.<\/p>\n\n\n\n

    Why Is Vedanta Pursuing a Demerger?<\/strong><\/h2>\n\n\n\n

    Several strategic reasons appear to have influenced the company’s decision.<\/p>\n\n\n\n

    Unlocking Shareholder Value<\/strong><\/h3>\n\n\n\n

    One of the most frequently cited reasons for corporate demergers is value creation.<\/p>\n\n\n\n

    When multiple businesses operate under a single corporate umbrella, investors often apply a “conglomerate discount,” meaning the combined entity may trade at a lower valuation than the sum of its individual businesses.<\/p>\n\n\n\n

    By separating operations, each company can be valued based on its own fundamentals.<\/p>\n\n\n\n

    Greater Operational Focus<\/strong><\/h3>\n\n\n\n

    Different industries require different strategies.<\/p>\n\n\n\n

    An oil and gas business faces challenges that differ significantly from those of an aluminium producer or power company.<\/p>\n\n\n\n

    Independent management teams can focus entirely on industry-specific opportunities and risks.<\/p>\n\n\n\n

    Improved Capital Allocation<\/strong><\/h3>\n\n\n\n

    Standalone companies gain greater flexibility in deciding how to allocate capital.<\/p>\n\n\n\n

    Investment decisions become more closely aligned with each business’s unique growth objectives.<\/p>\n\n\n\n

    Enhanced Transparency<\/strong><\/h3>\n\n\n\n

    Investors often prefer businesses with clear financial reporting and operational visibility.<\/p>\n\n\n\n

    The demerger may provide greater transparency into the performance of individual business segments.<\/p>\n\n\n\n

    The Four New Entities Expected to List<\/strong><\/h2>\n\n\n\n

    The restructuring is expected to result in four separate publicly traded entities alongside the existing structure.<\/p>\n\n\n\n

    While final details may evolve, the proposed entities are expected to focus on key sectors such as:<\/p>\n\n\n\n

    Aluminium Business<\/strong><\/h3>\n\n\n\n

    The aluminium business represents one of Vedanta’s largest and most significant operations.<\/p>\n\n\n\n

    Demand for aluminium continues to be supported by sectors including:<\/p>\n\n\n\n

      \n
    • Infrastructure<\/li>\n\n\n\n
    • Construction<\/li>\n\n\n\n
    • Electric vehicles<\/li>\n\n\n\n
    • Renewable energy<\/li>\n\n\n\n
    • Packaging<\/li>\n<\/ul>\n\n\n\n

      An independent aluminium-focused company could allow investors to directly participate in sector-specific growth opportunities.<\/p>\n\n\n\n

      Oil and Gas Operations<\/strong><\/h3>\n\n\n\n

      The energy sector remains a critical component of India’s economy.<\/p>\n\n\n\n

      The standalone oil and gas business may provide greater visibility into exploration, production, and energy-related operations.<\/p>\n\n\n\n

      Investors interested in energy markets could evaluate the company based on industry-specific metrics.<\/p>\n\n\n\n

      Power Business<\/strong><\/h3>\n\n\n\n

      India’s growing electricity demand continues to create opportunities within the power sector.<\/p>\n\n\n\n

      A dedicated power company may focus on generation capacity, efficiency improvements, and future expansion strategies.<\/p>\n\n\n\n

      Base Metals and Other Resources<\/strong><\/h3>\n\n\n\n

      The remaining metals and mining operations may form another independent entity focused on commodity production and resource development.<\/p>\n\n\n\n

      These businesses often benefit from industrial growth and infrastructure spending.<\/p>\n\n\n\n

      The Bigger Picture: Why Conglomerates Are Simplifying Structures<\/strong><\/h2>\n\n\n\n

      Vedanta’s move is part of a broader corporate trend.<\/p>\n\n\n\n

      Across global markets, large conglomerates have increasingly explored restructuring initiatives to improve shareholder returns.<\/p>\n\n\n\n

      Several factors are driving this shift.<\/p>\n\n\n\n

      Investor Preference for Simplicity<\/strong><\/h3>\n\n\n\n

      Investors generally find focused businesses easier to analyze and value.<\/p>\n\n\n\n

      Simplified structures can improve market understanding and attract a wider investor base.<\/p>\n\n\n\n

      Sector-Specific Valuations<\/strong><\/h3>\n\n\n\n

      Different industries trade at different valuation multiples.<\/p>\n\n\n\n

      Standalone companies may achieve valuations that more accurately reflect their growth prospects.<\/p>\n\n\n\n

      Strategic Flexibility<\/strong><\/h3>\n\n\n\n

      Independent companies can pursue acquisitions, partnerships, or expansion plans without being constrained by unrelated business segments.<\/p>\n\n\n\n

      Accountability<\/strong><\/h3>\n\n\n\n

      Separate management teams create clearer accountability for business performance.<\/p>\n\n\n\n

      How the Demerger Could Impact Existing Shareholders<\/strong><\/h2>\n\n\n\n

      One of the most important questions for investors is how the restructuring affects current shareholders.<\/p>\n\n\n\n

      Ownership in Multiple Businesses<\/strong><\/h3>\n\n\n\n

      Existing shareholders are generally expected to receive shares in the newly created entities according to the approved demerger scheme.<\/p>\n\n\n\n

      This means investors may gain exposure to multiple standalone businesses rather than a single conglomerate.<\/p>\n\n\n\n

      Greater Portfolio Visibility<\/strong><\/h3>\n\n\n\n

      Investors can more clearly evaluate how each business contributes to overall value creation.<\/p>\n\n\n\n

      Flexibility in Investment Decisions<\/strong><\/h3>\n\n\n\n

      Shareholders may choose to retain exposure to all entities or selectively invest in businesses that align with their preferences.<\/p>\n\n\n\n

      Potential Value Discovery<\/strong><\/h3>\n\n\n\n

      Market pricing after listing may reveal valuation differences between business segments.<\/p>\n\n\n\n

      Why the Market Is Closely Watching the Listings<\/strong><\/h2>\n\n\n\n

      The upcoming listings represent an important test for investor sentiment.<\/p>\n\n\n\n

      Independent Valuation<\/strong><\/h3>\n\n\n\n

      For the first time, investors will be able to assess each business independently.<\/p>\n\n\n\n

      Institutional Interest<\/strong><\/h3>\n\n\n\n

      Sector-focused businesses often attract specialized institutional investors.<\/p>\n\n\n\n

      Liquidity Considerations<\/strong><\/h3>\n\n\n\n

      New listings can create additional trading opportunities and improve market participation.<\/p>\n\n\n\n

      Benchmark Creation<\/strong><\/h3>\n\n\n\n

      The market’s initial response may influence perceptions regarding the success of the restructuring.<\/p>\n\n\n\n

      Opportunities Emerging From the Demerger<\/strong><\/h2>\n\n\n\n

      The transaction creates several potential opportunities.<\/p>\n\n\n\n

      Sector-Specific Investment Exposure<\/strong><\/h3>\n\n\n\n

      Investors can gain targeted exposure to industries such as:<\/p>\n\n\n\n

        \n
      • Aluminium<\/li>\n\n\n\n
      • Energy<\/li>\n\n\n\n
      • Power generation<\/li>\n\n\n\n
      • Metals and mining<\/li>\n<\/ul>\n\n\n\n

        Improved Strategic Focus<\/strong><\/h3>\n\n\n\n

        Independent businesses may pursue growth initiatives more aggressively.<\/p>\n\n\n\n

        Enhanced Capital Raising Ability<\/strong><\/h3>\n\n\n\n

        Standalone companies may find it easier to raise capital for sector-specific projects.<\/p>\n\n\n\n

        Better Operational Efficiency<\/strong><\/h3>\n\n\n\n

        Focused management teams can often respond more quickly to industry developments.<\/p>\n\n\n\n

        Potential Valuation Re-Rating<\/strong><\/h3>\n\n\n\n

        Markets sometimes assign higher valuations to focused companies compared to diversified conglomerates.<\/p>\n\n\n\n

        Risks Investors Should Consider<\/strong><\/h2>\n\n\n\n

        While opportunities exist, the demerger also introduces risks.<\/p>\n\n\n\n

        Market Volatility<\/strong><\/h3>\n\n\n\n

        Initial trading periods can be volatile as investors determine appropriate valuations.<\/p>\n\n\n\n

        Commodity Price Exposure<\/strong><\/h3>\n\n\n\n

        Many of the businesses remain heavily influenced by global commodity cycles.<\/p>\n\n\n\n

        Execution Risks<\/strong><\/h3>\n\n\n\n

        Successful demergers require smooth operational transitions and effective management structures.<\/p>\n\n\n\n

        Regulatory Environment<\/strong><\/h3>\n\n\n\n

        Natural resource industries operate within evolving regulatory frameworks.<\/p>\n\n\n\n

        Standalone Performance Challenges<\/strong><\/h3>\n\n\n\n

        Each company must prove its ability to succeed independently.<\/p>\n\n\n\n

        Impact on India’s Metals and Resources Sector<\/strong><\/h2>\n\n\n\n

        The demerger could have broader implications for the sector.<\/p>\n\n\n\n

        Increased Investor Participation<\/strong><\/h3>\n\n\n\n

        Focused companies may attract greater investor attention.<\/p>\n\n\n\n

        Competitive Positioning<\/strong><\/h3>\n\n\n\n

        Independent entities may pursue more aggressive growth strategies.<\/p>\n\n\n\n

        Industry Benchmarking<\/strong><\/h3>\n\n\n\n

        The newly listed companies could become important benchmarks within their respective industries.<\/p>\n\n\n\n

        Capital Market Activity<\/strong><\/h3>\n\n\n\n

        Successful listings may encourage other companies to explore similar restructuring initiatives.<\/p>\n\n\n\n

        What Analysts Are Watching<\/strong><\/h2>\n\n\n\n

        Market participants are closely monitoring several factors.<\/p>\n\n\n\n

        Listing Valuations<\/strong><\/h3>\n\n\n\n

        The valuation assigned to each entity will be closely scrutinized.<\/p>\n\n\n\n

        Debt Allocation<\/strong><\/h3>\n\n\n\n

        How debt is distributed among the businesses remains an important consideration.<\/p>\n\n\n\n

        Growth Strategies<\/strong><\/h3>\n\n\n\n

        Investors want clarity regarding future expansion plans.<\/p>\n\n\n\n

        Management Structures<\/strong><\/h3>\n\n\n\n

        Leadership quality will play a significant role in long-term performance.<\/p>\n\n\n\n

        Dividend Policies<\/strong><\/h3>\n\n\n\n

        Income-focused investors will evaluate future dividend strategies.<\/p>\n\n\n\n

        Potential Impact on Institutional Investors<\/strong><\/h2>\n\n\n\n

        Institutional investors often welcome greater transparency and focused business models.<\/p>\n\n\n\n

        Better Sector Alignment<\/strong><\/h3>\n\n\n\n

        Funds can allocate capital more precisely according to investment mandates.<\/p>\n\n\n\n

        Improved Research Coverage<\/strong><\/h3>\n\n\n\n

        Analysts may provide deeper coverage of individual businesses.<\/p>\n\n\n\n

        Increased Investment Opportunities<\/strong><\/h3>\n\n\n\n

        The demerger creates multiple investment options within a previously consolidated structure.<\/p>\n\n\n\n

        Enhanced Corporate Governance Focus<\/strong><\/h3>\n\n\n\n

        Standalone entities often face greater scrutiny regarding governance and performance.<\/p>\n\n\n\n

        How the Demerger Aligns With India’s Growth Story<\/strong><\/h2>\n\n\n\n

        India’s long-term economic growth continues to drive demand for commodities, energy, and infrastructure materials.<\/p>\n\n\n\n

        The newly separated businesses operate in sectors that support:<\/p>\n\n\n\n

          \n
        • Industrial development<\/li>\n\n\n\n
        • Manufacturing growth<\/li>\n\n\n\n
        • Infrastructure expansion<\/li>\n\n\n\n
        • Urbanization<\/li>\n\n\n\n
        • Energy demand<\/li>\n<\/ul>\n\n\n\n

          These themes remain central to India’s economic development.<\/p>\n\n\n\n

          As standalone entities, the businesses may be better positioned to capitalize on these opportunities.<\/p>\n\n\n\n

          Future Outlook After the Listings<\/strong><\/h2>\n\n\n\n

          The next phase will begin once the entities start trading independently.<\/p>\n\n\n\n

          Key factors likely to influence performance include:<\/p>\n\n\n\n

          Commodity Market Conditions<\/strong><\/h3>\n\n\n\n

          Global prices remain important drivers of profitability.<\/p>\n\n\n\n

          Domestic Economic Growth<\/strong><\/h3>\n\n\n\n

          Industrial activity and infrastructure spending can influence demand.<\/p>\n\n\n\n

          Operational Execution<\/strong><\/h3>\n\n\n\n

          Management teams must demonstrate the ability to deliver results independently.<\/p>\n\n\n\n

          Capital Allocation Decisions<\/strong><\/h3>\n\n\n\n

          Investment strategies will shape long-term growth prospects.<\/p>\n\n\n\n

          Investor Confidence<\/strong><\/h3>\n\n\n\n

          Market perception will play a significant role during the initial trading period.<\/p>\n\n\n\n

          While short-term volatility is possible, long-term performance will ultimately depend on business fundamentals.<\/p>\n\n\n\n

          Conclusion<\/strong><\/h2>\n\n\n\n

          The Vedanta demerger represents one of the most significant corporate restructuring exercises in India’s recent market history. With four new entities expected to list next month, the process is approaching a crucial milestone that could reshape how investors evaluate the group’s businesses.<\/p>\n\n\n\n

          By separating its aluminium, oil and gas, power, and metals operations into independent companies, Vedanta aims to unlock shareholder value, improve operational focus, and provide greater transparency. The move aligns with a broader global trend toward simplified corporate structures and sector-specific business models.<\/p>\n\n\n\n

          For investors, the demerger offers opportunities to gain targeted exposure to industries that play an important role in India’s economic growth. However, risks related to commodity prices, market volatility, execution challenges, and standalone business performance should not be overlooked.<\/p>\n\n\n\n

          The true success of the demerger will become clearer once the new entities begin trading and demonstrate their ability to create value independently. As the listings approach, investors, analysts, and market participants will be watching closely to see whether the restructuring achieves its intended objectives and unlocks the potential that management envisions.<\/p>\n\n\n\n

          Frequently Asked Questions (FAQs)<\/strong><\/h2>\n\n\n\n

          1. What is the Vedanta demerger?<\/strong><\/h3>\n\n\n\n

          The Vedanta demerger is a corporate restructuring plan that separates the company’s major businesses into independent listed entities.<\/p>\n\n\n\n

          2. Why is Vedanta demerging its businesses?<\/strong><\/h3>\n\n\n\n

          The primary goals are to unlock shareholder value, improve operational focus, and enhance transparency.<\/p>\n\n\n\n

          3. How many new companies are expected to list?<\/strong><\/h3>\n\n\n\n

          Four new entities are expected to begin trading on stock exchanges following the completion of the demerger.<\/p>\n\n\n\n

          4. Which sectors will the new companies focus on?<\/strong><\/h3>\n\n\n\n

          The businesses are expected to focus on aluminium, oil and gas, power, and metals\/resources.<\/p>\n\n\n\n

          5. How will existing shareholders benefit?<\/strong><\/h3>\n\n\n\n

          Shareholders are expected to receive shares in the newly created entities according to the approved demerger scheme.<\/p>\n\n\n\n

          6. What is a conglomerate discount?<\/strong><\/h3>\n\n\n\n

          It refers to a situation where a diversified company’s market value is lower than the combined value of its individual businesses.<\/p>\n\n\n\n

          7. Could the demerger improve valuations?<\/strong><\/h3>\n\n\n\n

          Many investors believe focused companies can achieve more accurate and potentially higher valuations.<\/p>\n\n\n\n

          8. What risks should investors consider?<\/strong><\/h3>\n\n\n\n

          Commodity price fluctuations, market volatility, execution challenges, and regulatory risks are important considerations.<\/p>\n\n\n\n

          9. When are the new Vedanta entities expected to list?<\/strong><\/h3>\n\n\n\n

          Reports indicate that the four new companies could begin trading next month, subject to final approvals and processes.<\/p>\n\n\n\n

          10. What should investors monitor after the listings?<\/strong><\/h3>\n\n\n\n

          Investors should watch valuations, earnings performance, debt levels, management execution, growth strategies, and market sentiment.<\/p>\n\n\n\n

          Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

          Summary The long-awaited Vedanta demerger is nearing completion, with four newly created business entities expected to be listed on Indian […]<\/p>\n","protected":false},"author":26,"featured_media":67420,"comment_status":"closed","ping_status":"0","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[9],"tags":[],"class_list":["post-67406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/67406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/comments?post=67406"}],"version-history":[{"count":1,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/67406\/revisions"}],"predecessor-version":[{"id":67425,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/67406\/revisions\/67425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media\/67420"}],"wp:attachment":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media?parent=67406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/categories?post=67406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/tags?post=67406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}