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EM-focused Vedanta Resources reports $2 billion debt reduction
By Mary-Katherine Stinson
Lexington, Ky., Feb. 15 – Vedanta Resources Ltd. deleveraged its overall debt by approximately $2 billion in the past 11 months, according to a Feb. 15 notice.
As previously reported, the company has committed to reducing its gross debt by approximately $4 billion over three fiscal years to proactively manage its liabilities. It has now achieved half of that in the first fiscal year.
The company’s total net debt as of Feb. 15 stands at $7.7 billion.
The company stated it plans to fund half of its liquidity needs for fiscal year 2024-2025 through internal resources and the balance through refinancing.
Vedanta is a London-based diversified global natural resources company with operations in India, Zambia, Namibia and South Africa.
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