The parent company of India’s largest resource company, Vedanta Ltd., which is owned by billionaire Anil Agarwal, announced on Wednesday that it has reduced its net debt by $2 billion during the previous 11 months. According to the company, it has already accomplished half of its $4 billion debt reduction commitment. It stated that throughout the fiscal years 2024 and 2025, it would keep reducing its $7.7 billion net debt.
In the first year, Vedanta Resources Ltd. reduced their commitment of $4 billion over three years by half. The London-based corporation stated that it will continue to reduce its $7.7 billion in net debt over the following two fiscal years.
According to the statement, the company intends to finance domestically half of its liquidity needs for the upcoming fiscal year and refinance the remaining balance. According to the commodities company, healthy cash flows are being generated by brisk Indian consumption.
According to the company’s statement, Vedanta Resources’ upcoming phase of expansion will be fuelled by the investments made by its affiliated firms in semiconductors, display glass, renewable energy sources, optical fibre, and transmissions.
Vedanta Resources Limited is a globally diversified natural resources firm with more than 65,000 workers and contractors, mostly in India, Africa, Ireland, and Australia. The company is involved in the extraction and processing of minerals, oil, and gas.
Due to higher input costs and windfall tax as compared to the same quarter last year, Vedanta Ltd. reported a more than 41% decrease in consolidated net profit at $2,464 crore in the quarter ended December 31, 2022. In the months of October through December, the company’s revenue climbed just 0.4% over the same period a year prior to reach 34,818 crore. Associated with Vedanta Resources Ltd. is Vedanta Ltd.
