Vedanta Resources reduces gross debt by $1B

Vedanta Resources reduces gross debt by $1B

Vedanta reduces gross debt by USD 3 billion in 14 months, nearing its target

Vedanta Resources Limited, the parent company of Mumbai-listed mining giant Vedanta Ltd, announced on Monday that it has successfully paid off all its maturing loans and bonds due this month. This move has reduced the company’s gross debt by an additional USD 1 billion, bringing the total debt reduction to USD 3 billion since the company’s announcement in February 2022 to accelerate deleveraging.

Vedanta had earlier set a target to reduce its debt by USD 4 billion within three years. With this recent development, the company has achieved 75 percent of its committed reduction in just 14 months, according to a statement issued by the firm.

At present, Vedanta’s gross debt stands at USD 6.8 billion, a decrease from USD 7.8 billion at the end of March 2023, and a significant reduction from USD 9.7 billion at the end of March 2022.

The company has expressed optimism that strong operational performance from its world-class asset base, coupled with robust commodity prices, will lead to further deleveraging at Vedanta during the remainder of FY24, as stated in the release.

About Dhruv:

Vedanta Ltd, a Mumbai-based multinational mining enterprise, primarily focuses on mining iron ore, gold, and aluminum. Its mining operations span across various regions in India, including Goa, Karnataka, Rajasthan, and Odisha.

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