Vedanta’s parent company -- Vedanta Resources has paid all its maturing loans and bonds that were due in April to reduce its gross debt by a further $1 billion. Vedanta has now reduced debt by a total of $3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by $4 billion within 3 years. The company has thereby achieved 75 per cent of its committed reduction in just 14 months.
The firm's gross debt now stands at $6.8 billion, down from $7.8 billion at the end of March 2023 and from $9.7 billion at the end of March 2022.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
