Vedanta Resources reduces net debt by USD 300 mn in first half of FY’22

By: |
September 13, 2021 3:15 PM

With the entire debt repayment at Volcan, the pledge on all the equity shares of VRL has been released, the company said in a statement.

vedanta"VRL has reduced its net debt (including Inter Company Loan and loan at Volcan) by USD 300 million in H1 and expects to further reduce its debt by USD 500 million in H2 FY22," the statement said.

Vedanta Resources Ltd (VRL) on Monday announced that the company has reduced its net debt by USD 300 million in the first half of this fiscal and expects to further reduce its debt by USD 500 million in the second half of FY’22. With the entire debt repayment at Volcan, the pledge on all the equity shares of VRL has been released, the company said in a statement. Volcan Investments is an investment arm of metals-to-mining magnate Anil Agarwal.

“VRL has reduced its net debt (including Inter Company Loan and loan at Volcan) by USD 300 million in H1 and expects to further reduce its debt by USD 500 million in H2 FY22,” the statement said. The company said that it believes that strong operational performance from its world class asset base will strengthen its balance sheet and lead to investment grade credit metrics.

In line with the Group’s commitment to decarbonizing its operations to achieve net-zero targets, Vedanta Limited has constituted an Environmental Social and Governance (ESG) Committee of the Board. “Further, Digital First approach is adopted by the Group and we are undertaking various transformation projects to digitise operations and processes to further improve health, safety, environment compliances and risk management,” it said. Shares of the company were trading at Rs 306.95 apiece, up 1.71 per cent from its previous close.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Premier Energies raises Rs 200 cr from GEF Capital
2Apple iPhone 13 series now available for buying in India: Check price, offers, specs and everything you need to know
3Amazon Great Indian Festival Sale 2021: Over 8.5 lakh sellers to be part of month-long sale starting Oct 4