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Maharashtra Seamless Limited's board has approved a composite scheme of arrangement to demerge two business undertakings into its wholly-owned subsidiaries. Demerged Undertaking 1 (seamless pipe manufacturing at Mangaon, Maharashtra with 125,000 MTPA capacity plus captive solar) will transfer to MSL Seamless Tubes Limited. Demerged Undertaking 2 (seamless pipe manufacturing at Narketpally, Telangana with 200,000 MTPA, solar plants in Rajasthan, and a drilling rig) will transfer to United Seamless Limited. The appointed date is 1st October 2026. The scheme provides for mirror shareholding through a share exchange ratio of 1 equity share of each Resulting Company for every 5 equity shares held in MSL. Demerged Undertaking 1 contributed Rs. 793 crore (16.98%) and Undertaking 2 contributed Rs. 693 crore (14.84%) to MSL's total turnover of Rs. 4,671 crore in FY 2025-26. Both resulting companies will seek listing on BSE and NSE upon effectiveness of the scheme. The scheme is subject to NCLT, shareholder, creditor, and other regulatory approvals.