Vedanta Sources cuts gross debt by USD 1 billion

Vedanta Sources Restricted (Vedanta), the mum or dad firm of Mumbai-listed mining large Vedanta Ltd, on Monday stated it has paid all its maturing loans and bonds due on this month to cut back its gross debt by an additional USD 1 billion. Vedanta has now diminished debt by a complete of USD 3 billion because it introduced in February 2022 its intention to speed up deleveraging.

It had introduced plans to cut back debt by USD 4 billion inside 3 years.

“Vedanta has thereby achieved 75 per cent of its dedicated discount in simply 14 months,” the agency stated in an announcement.

The agency’s gross debt now stands at USD 6.8 billion, down from USD 7.8 billion on the finish of March 2023 and from USD 9.7 billion on the finish of March 2022.

“Throughout the stability of FY24, we imagine that sturdy operational efficiency from our world class asset base coupled with sturdy commodity costs will result in additional deleveraging at Vedanta,” the assertion stated.

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