Vedanta Resources cuts gross debt by $1 bn by paying its maturing loans
Vedanta Resources Limited (Vedanta), the parent company of Mumbai-listed mining giant Vedanta Ltd., said on Monday that it had repaid all its loans and bonds due in the month to reduce its total debt by another $1 billion.
Vedanta has now reduced debt by a total of $3 billion since announcing in February 2022 its intent to accelerate deleveraging.
It had announced plans to reduce debt by $4 billion within 3 years.
“Vedanta has thus achieved 75 percent of the reduction it pledged in just 14 months,” the company said in a statement.
The company’s total debt is now $6.8 billion, down from $7.8 billion at the end of March 2023 and from $9.7 billion at the end of March 2022.
“Within the budget for FY24, we believe that strong operating performance from our global asset base coupled with strong commodity prices will lead to further deleveraging at Vedanta,” the statement said.
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First published: April 24, 2023 | 3:23 p.m ist