Vedanta Resources Ltd.
Vedanta Resources Limited has achieved half of its three-year planned reduction commitment of $4 billion in the first year, the London-based company said in an exchange filing on Wednesday. It added it will continue to reduce its $7.7 billion net debt during fiscal 2024 and 2025.
Vedanta has cut its net debt by $2 billion in the last 11 months. In the absence of significant fundraising, the assessor said Vedanta Resources will be left with very little cash, adding that external funding is “critical” for debt maturities after September.
The company said it had brought down debt significantly, seeking to allay market concerns after S&P Global Ratings last week raised doubts about its ability to meet financial obligations beyond September.
The London-based company also added it plans to cover 50% of its liquidity requirements for fiscal 2024 internally and the rest through refinancing.
The billionaire Anil Agarwal-owned Vedanta Resources parent of Indian resources giant Vedanta Limited said it has a healthy cash flow boosted by robust domestic consumption and that growth would be propelled by its associate firms’ investments into semiconductors, display glass, renewables, optical fiber, and transmission.
Vedanta Ltd, which mines zinc, silver, and aluminium and drills for crude, reported a 41% slump in third-quarter profit in January, hit by a fall in commodity prices.
Vedanta Resources’ statement also comes at a time when Indian conglomerate Adani Group is still battling the fallout from a U.S. short-sellers critical report on its business practices that has wiped off $120 billion from its market value.
Also read: Elon Musk hired a dog as CEO of Twitter, says- ”better than others”
Excess abdominal fat increases the likelihood of heart disease, type 2 diabetes, and other chronic…
While tensions between India and Pakistan escalate post the tragic Pahalgam terror attack, something unexpected…
Reliance Industries delivered a strong Q4 FY25 performance, with Y-o-Y net profit rising 6.4% to…
Yash Pratap Singh of Jalaun tops Class 10 with 97.83%, while Prayagraj’s Mehak Jaiswal secures…
Chief Minister Yogi Adityanath on Friday emphasised the need for sweeping reforms in the madrasa…
United States Director of National Intelligence (DNI) Tulsi Gabbard on Friday expressed strong support for…