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HEG Ltd announced plans to demerge into two separate entities, HEG Greentech and HEG Graphite, with the process expected to be completed by mid-2026. Emkay Global Financial Services has set a target price of Rs 750, valuing HEG Greentech at Rs 7,500 crore and HEG Graphite at Rs 10,000 crore. Following the demerger, HEG Ltd will merge with Bhilwara Energy Ltd, resulting in an increase in outstanding shares and positioning HEG Greentech for significant growth in battery anode production and cash flows from hydropower assets.