Vedanta Resources Ltd reduces net debt by $300 million in first half of fiscal1 min read . Updated: 13 Sep 2021, 11:38 AM IST
- The company said it expects to further reduce its debt by $500 million in the second half
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MUMBAI : Mining major Vedanta Resources Ltd (VRL) has reduced its net debt (including inter company loan and loan at Volcan) by $300 million in the first half of this fiscal and expects to further reduce its debt by $500 million in second half, the company said on Monday.
"With entire debt repayment at Volcan, the pledge on all the equity shares of VRL has been released. We believe that strong operational performance from our world class asset base will strengthen our balance sheet and lead to investment grade credit metrics," the company said in a press statement
The company added that in line with the Group’s commitment to decarbonizing its operations to achieve net zero targets, Vedanta Limited has constituted an ESG committee of the board.
It has also adopted a digital first approach and is undertaking various transformation projects to digitize operations and processes to further improve health, safety, environment compliances and risk management.
The company's scrip was trading at ₹306.20, up 1.46% on the BSE this morning.
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