EM-focused Vedanta Resources drives gross debt down to $6.4 billion

By William Gullotti

Buffalo, N.Y., May 31 – Vedanta Resources Ltd. continued its debt reduction efforts by repaying an additional $400 million over the past month, according to a press release on Wednesday.

The company repaid all of its maturing loans and bonds due in May and June, which resulted in the debt reduction.

The company is now carrying $3.3 billion less debt since it announced its deleveraging ambition in March 2022.

The company’s gross debt is now $6.4 billion, down from $6.8 billion at the end of April, from $7.8 billion at the end of March and from $9.7 billion at the end of March 2022.

Robust demand in India, coupled with strong operational performance, has led the company to target further debt reduction during FY2024.

Ultimately, Vedanta intends to reduce its gross debt to zero.

Vedanta is a London-based diversified global natural resources company with operations in India, Zambia, Namibia and South Africa.

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