Billionaire Anil Agarwal is exploring an overhaul of his Indian zinc operation that could create separate entities for the three core businesses, as part of a wider review of the group’s corporate structure.

Hindustan Zinc Ltd. said in a statement that it would create different legal entities for its zinc & lead, silver, and recycling businesses. The board has selected a panel of directors to evaluate the options and will appoint external advisers.

Bloomberg News reported earlier this week that a broad restructuring of parent Vedanta Ltd. was imminent, with businesses including aluminum, oil and gas, iron ore and steel to be separately listed. Efforts to simplify a complex financial structure and to reduce a deep conglomerate discount have been floated by the group in the past, including in a video posted in August, but have not previously come to fruition.

Shares of Vedanta Ltd. jumped as much as 7.9% in Mumbai after the news, while Hindustan Zinc climbed as much 5.6%.