
Billionaire Anil Agarwal's Vedanta Resources Limited, the parent company of Vedanta Ltd, on Monday announced that it has paid all its maturing loans and bonds due in April 2023 and has thus reduced its gross debt by a further $1 billion.
"Vedanta has now reduced debt by $3 billion since it announced in February 2022 its intention to accelerate deleveraging and reduce its debt by $4 billion within 3 years. Vedanta has thereby achieved 75% of its committed reduction in just 14 months," said the mining major on Monday.
Vedanta’s gross debt stands at $6.8 bn as of April 24, 2023, down from $7.8 billion at the end of March 2023 (as announced on February 15) and down from $9.7 billion at the end of March 2022.
"During the balance of FY24, we believe that strong operational performance from our world class asset
base coupled with robust commodity prices will lead to further deleveraging at Vedanta," said the Indian natural resources company
Last month, ratings agency Moody's downgraded Vedanta's London-based parent, warning that ongoing debt related issues expose Vedanta Resources "to material refinancing risks and exacerbate likelihood of a payment default or a distressed exchange".
There have been no defaults on debts from the group, Agarwal, Indian billionaire and founder of Vedanta Resources, said at the India Today Conclave in March.
On Monday, Vedanta Ltd's scrip on BSE closed trading 0.5% lower at Rs 275.4.