Home/ Companies / News/  Vedanta becomes preferred bidder for Sijimali Bauxite Block in Odisha

Anil Agarwal-backed mining company, Vedanta on Wednesday emerged as the preferred bidder for Sijimali Bauxite Block in Odisha. The block is seen as a strategic fit for Vedanta due to its size, location, and bauxite quality.

As per the regulatory filing, Vedanta has been declared as the preferred bidder for the Sijimali Bauxite Block which is located in the Rayagada and Kalahandi districts of Odisha.

The Mumbai-headquartered company wins the block under the mineral block auction conducted by the Government of Odisha.

Vedanta said, "The block is a strategic fit for Vedanta given its size, location, and bauxite quality."

Also, it said, the block has estimated reserves of 311 million tonnes of bauxite.

Further, on Wednesday, the company's parent Vedanta Resources trimmed its net debt by $2 billion in the current fiscal year as it seeks to soothe investor concern over its liquidity and ability to repay upcoming obligations, as per a Bloomberg report.

According to the report, Anil Agarwal's commodities giant achieved half of its three-year planned reduction commitment of $4 billion in the first year.

The London-based company will continue to deleverage from net debt of $7.7 billion in the next two financial years.

On BSE, Vedanta's share price closed at 312.95 apiece marginally down from the previous closing. Its market cap is nearly 1,16,330 crore.

Last month, Vedanta reported a consolidated net profit of 3,092 crore in December 2022 quarter, declining by 42% from 5,354 crore in the same quarter a year ago. Consolidated revenue came in at 33,691 crore broadly muted compared to 33,697 crore in Q3 of FY22.

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Updated: 15 Feb 2023, 07:02 PM IST
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