Vedanta Resources Limited
Vedanta Resources announced on Wednesday that it has repaid $100 million to Standard Chartered Bank through a release of encumbrance on March 10, 2023.
According to a company statement, “The earlier disclosure was made in accordance with a facility agreement dated 08 September 2022 entered into by Twin Star Holding Limited, Vedanta Resources Limited, and Welter Trading Limited, Standard Chartered Bank (Singapore) Limited for the purpose of obtaining a US$ 100,000 facility. However, the facility was repaid and the encumbrance was removed”.
Vedanta recently stated that the firm has always met its repayment commitments on time and has full potential to repay, as part of its ongoing attempts to persuade the investment community that debt is within acceptable boundaries.
Vedanta Resources reported deleveraging by USD 2 billion during the previous 11 months by paying off all of its debt that was due for repayment until March 2023 in advance. Furthermore, it is certain that it will be able to meet its liquidity needs for the quarter ending in June 2023.
“Money is essential for development and developing a nation. All borrowers, including governments, businesses, and people, borrow while considering their potential for growth and, consequently, their capacity to repay”, the business stated.
Vedanta has a strong track record of capital raising, having secured approximately USD 35 billion and consistently honoring repayment obligations on time.
“Our vast asset base generates substantial cash flows. There is a complete ability to pay back. We anticipate our revenue to reach USD 30 billion in the near future with the continuous expansions”, the business claimed in the post.
Vedanta Limited generated EBITDA of USD 6.1 billion and free cash flow (pre-capex) of USD 3.6 billion in FY22.
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