Vedanta Resources cuts gross debt by $1 bn by paying its maturing loans

Vedanta Resources Limited (Vedanta), parent company of mining giant Vedanta Ltd said it has paid all its maturing loans and bonds due in this month to reduce its gross debt by a further $1 bn

Vedanta Resources Limited (Vedanta), the parent company of Mumbai-listed mining giant Vedanta Ltd, on Monday said it has paid all its maturing loans and bonds due in this month to reduce its gross debt by a further USD 1 billion.

Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging.

It had announced plans to reduce debt by USD 4 billion within 3 years.

"Vedanta has thereby achieved 75 per cent of its committed reduction in just 14 months," the firm said in a statement.

The firm's gross debt now stands at USD 6.8 billion, down from USD 7.8 billion at the end of March 2023 and from USD 9.7 billion at the end of March 2022.

"During the balance of FY24, we believe that strong operational performance from our world class asset base coupled with robust commodity prices will lead to further deleveraging at Vedanta," the statement said.