Vedanta appoints Omar Davis as President of strategy
1 min read . Updated: 16 Mar 2023, 10:40 PM IST
Premium- He will lead the company's strategic initiatives and will be based out of the London office
Anil Agarwal-led Vedanta on Thursday announced the appointment of Omar Davis as its President–Strategy.
He will work closely with Vedanta chairman Agarwal to lead the company's strategic initiatives and will be based out of the group's London office, reported PTI.
A seasoned natural resources banker, Davis has an experience of 25 years in the industry, Vedanta said in a statement.
Most recently, prior to his appointment, he worked with Bank of America as the bank's global head of metals and mining for corporate and investment banking.
"We welcome Omar to our company... His leadership skills and strategic acumen will be of immense value in driving Vedanta's growth vision," Agarwal said.
Davis will lead engagement with globally recognised and leading financial partners and drive synergies as the company progresses with its vision to unlock value across its asset base.
"I am excited to work with the talented team to develop and execute strategies that will drive growth and create value for all our stakeholders," Davis said.
On 16 March, Vedanta Group said that it has repaid $250 million in loans that the company took from Barclays Bank and Standard Chartered Bank, according to regulatory filings.
The company had earlier said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position.
VRL, the majority owner of Mumbai-listed mining and oil & gas company Vedanta Ltd, repaid $150 million borrowed from Barclays Bank.
"The earlier disclosure was made pursuant to facility agreement dated June 16, 2022...between Twin Star Holdings (borrower), VRL and Welter Trading Ltd (as original guarantors), Deutsche Bank AG acting through its Singapore Branch, and Barclays Bank PLC (as original lender), for the purposes of availing facility of an aggregate amount of USD 150,000,000 by the borrower from the original lender," the company said in a filing to BSE.
However, the said facility has been repaid and the encumbrance released, it said.
The company also repaid $100 million borrowed from Standard Chartered Bank.
On Thursday, the company's scrip ended 1.82 per cent down at ₹275.15 on BSE.
