London/India, 24 April 2023: Vedanta Resources Limited (Vedanta), the parent company of Vedanta Limited, India’s largest natural resources company, announces that it has paid all its maturing loans and bonds due in April 2023 and has thus reduced its gross debt by a further US$1bn. Vedanta has now reduced debt by US$3bn since it announced in February 2022 its intention to accelerate deleveraging and reduce its debt by US$ 4 bn within 3 years. Vedanta has thereby achieved 75% of its committed reduction in just 14 months.
Vedanta’s gross debt stands at $6.8 bn as of today, down from $7.8bn at the end of March 2023 (as announced on 15th February) and down from $9.7bn 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.
*Disclamier: "The pages slugged ‘Press Release’ are equivalent to advertisements and are not written and produced by Success Insights India Media journalists/Editorial." We do not hold any copyrights towards the content or image. Image source: Newswire