Vedanta cuts debt by $2 bn ahead of plans
The Hindu
The company, which is the parent firm of Mumbai-listed Vedanta Ltd, had a net debt of $9.66 billion as of March 31, 2022, according to an investor presentation on its website.
Billionaire Anil Agarwal's Vedanta Resources Ltd on Wednesday said it has slashed debt by $2 billion in the current fiscal as it looked to soothe investor concerns over ability to repay upcoming obligations.
The company, which is the parent firm of Mumbai-listed Vedanta Ltd, had a net debt of $9.66 billion as of March 31, 2022, according to an investor presentation on its website.
After repayments and borrowings, it has about $7.7 billion outstanding, of which $3 billion is due for repayment in the fiscal year starting April 2023.
In a statement, the company said it has "deleveraged by $2 billion in the past 11 months, thus achieving half of its $4 billion 3-year debt reduction commitment in the first year alone."
Last week, S&P Global Ratings had stated that the company's credit ratings may "come under pressure" if it is unable to raise $2 billion and/or sell its international zinc assets.
"Powered by robust domestic consumption in the fastest growing major economy, Vedanta is delivering healthy cash flows whilst maintaining disciplined capital allocation and has reduced net debt by $2 billion, ahead of plans for this fiscal.
"During 2023-24 (FY24) and 2024-25 (FY25), Vedanta will continue to deleverage from net debt of $7.7 billion and plans to cover 50 per cent of FY24 liquidity requirements internally and the balance through refinancing," the Vedanta statement said.
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