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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.