Vedanta Resources Reduces Net Debt By $2 Bn In FY23

On Wednesday, Vedanta Resources (Vedanta), the parent company of Vedanta, said that it has deleveraged by $2 Bn in the past 11 months, thus achieving half of its $4 Bn 3-year debt reduction commitment in the first year alone.

Over the past 20 years, Vedanta has raised more than $35 billion through debt and equity and yielded highly attractive returns to shareholders, while maintaining an excellent track record of debt servicing.

Powered by robust domestic consumption in the fastest growing major economy, Vedanta is delivering healthy cash flows whilst maintaining disciplined capital allocation. It has reduced net debt by $2 Bn, ahead of plans for this fiscal.

During FY24/FY25, Vedanta will continue to deleverage from net debt of $7.7 Bn and plans to cover 50 per cent of FY24 liquidity requirements internally and the balance through re-financing. 

A former FTSE 100 company, Vedanta has an unparalleled portfolio encompassing: Zinc (world’s largest integrated producer), Aluminium (India’s largest producer of primary aluminium), Oil & Gas (India’s largest private producer of crude), Silver (6th largest producer globally), battery metals: Nickel (India’s sole nickel producer) & Cobalt, Copper, Iron Ore & Steel and Commercial Energy.

Vedanta’s next phase of growth will be fueled by its associated companies’ investments into Semiconductors (India’s first Semiconductor producer in collaboration with Foxconn), display glass (Avanstrate), renewables (through joint venture with KKR), optical fibre (fibre to home) and transmissions. Vedanta’s portfolio uniquely covers traditional and cutting-edge businesses.