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UK's Vedanta Resources cuts gross debt by $1 billion

Reuters
·1-min read
FILE PHOTO: A man walks past the logo of Vedanta outside its headquarters in Mumbai

BENGALURU (Reuters) - Vedanta Resources Ltd, the parent of Indian resources major Vedanta Ltd on Monday said it has trimmed its gross debt by $1 billion as the firm seeks to allay concerns over its ability to meet financial obligations beyond September.

Vedanta Resources has paid all its maturing loans and bonds due in April 2023, the billionaire Anil Agarwal-led company said in a statement.

Vedanta's gross debt stood at $6.8 billion as of Monday, down from $7.8 billion at the end of March, the company said, adding that the London-based firm had completed 75% of its debt reduction commitment.

S&P Global Ratings had in February said that the company could meet its obligations until September, though liquidity beyond that would depend on critical fund-raising and the proposed sale of international zinc assets by Vedanta Ltd to Hindustan Zinc.

(Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil)