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Billionaire Anil Agarwal’s Vedanta cuts debt by $2 billion
- Billionaire Anil Agarwal-owned Vedanta Resources said on Wednesday that it has cut its net debt by $2 billion
Billionaire Anil Agarwal-owned Vedanta Resources, the parent of Indian resources giant Vedanta Ltd, said on Wednesday that it has cut its net debt by $2 billion in the last 11 months. The company said it has completed half of its $4 billion debt reduction commitment ahead of plans. It added it will continue to reduce its $7.7 billion net debt during fiscal 2024 and 2025.
Vedanta Resources Ltd. has achieved half of its three-year planned reduction commitment of $4 billion in the first year. It will continue to deleverage from net debt of $7.7 billion in the next two financial years, the London-based company said.
The company plans to cover half of next financial year’s liquidity requirements internally and the rest through refinancing, according to the statement. The commodities firm is delivering healthy cash flows powered by robust Indian consumption, it said.
Vedanta Resources’ next phase of growth will be fueled by its associated companies’ investments into semiconductors, display glass, renewables, optical fiber and transmissions, the company said in the statement.
Vedanta Resources Limited is a globally diversified natural resources company, which is engaged in extracting and process minerals, oil and gas, engage more than 65,000 employees and contractors, primarily in India, Africa, Ireland and Australia.
During FY24/FY25, Vedanta will continue to deleverage from net debt of $7.7 Bn and plans to cover 50% of FY24 liquidity requirements internally and the balance through re-financing, the company said.
Vedanta Ltd reported an over 41% drop in consolidated net profit at ₹2,464 crore in the quarter ended December 31, 2022 on the back of higher input cost and windfall tax as compared to ₹4,164 crore in the year-ago period. The income of the company in the October-December period increased marginally by 0.4% to ₹34,818 crore from ₹34,674 crore in the year-ago period. Vedanta Ltd is a subsidiary of Vedanta Resources Ltd.
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First Published:15 Feb 2023, 11:06 AM IST
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