Vedanta Resources (Vedanta), the parent company of Vedanta, 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$1 billion.
The company has now reduced debt by US$3 billion since it announced in February 2022 its intention to accelerate deleveraging and reduce its debt by US$ 4 billion within three years. Vedanta has thereby achieved 75 per cent 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.