Vedanta Ltd, a prominent mining corporation controlled by billionaire Anil Agarwal, may be on the verge of losing its third chief financial officer (CFO). This potential departure comes as the company embarks on an ambitious restructuring of its various businesses, as reported by Bloomberg familiar with the matter.
Sonal Shrivastava, who assumed her role in the company in June, reportedly informed Agarwal of her decision to step down last month.Mr. Agarwal is currently in discussions with finance professionals who have had prior associations with the group to find a suitable replacement. A decision on this matter is expected to be reached as early as this week.
Shrivastava’s resignation, if accepted, will compound Agarwal’s challenges, especially as his holding company, Vedanta Resources Ltd, faces the prospect of repaying approximately $3 billion in bonds over the next two years. The group has been engaged in discussions with bondholders regarding a potential restructuring of terms for these upcoming maturities. Shrivastava’s exit follows previous CFO departures, including G. R. Arun Kumar in 2021, who left after an unsuccessful attempt by Agarwal to privatize the Mumbai-listed company, and Ajay Goel, who resigned earlier this year.
Last month, Vedanta Ltd decided to split itself into six different companies that will be listed on the stock market. Anil Agarwal, who leads the company, wants to make it easier for investors to invest in the specific parts of the business they like the most. This way, the different parts of the company can be worth more. This change will also make it simpler to sell some assets to reduce the debt of the main company, which Agarwal was hesitant to do for a while.
