Anil Agarwal’s Vedanta Resources cuts gross debt from $7.8 bn to $6.8 bn, sees further deleveraging in FY24
April 25, 2023: Vedanta Resources Limited, the mining and metal conglomerate owned by billionaire and Indian successful entrepreneur Anil Agarwal, has successfully reduced its gross debt from $7.8 billion to $6.8 billion, according to its latest financial results.
The company has attributed the reduction to its efforts to optimize its capital structure and generate strong cash flows.
In a statement, Vedanta Resources said that it has been able to achieve significant deleveraging over the past year despite the challenging economic environment. The company has also set a target to further reduce its gross debt to $4-5 billion by the end of FY24.
Commenting on the development, Mr. Anil Agarwal, Chairman of Vedanta Resources, said, “We are pleased with the progress we have made in reducing our debt levels.
This has been achieved through a combination of strong operational performance, strategic initiatives, and disciplined capital allocation.”
He further added, “We remain committed to further deleveraging our balance sheet and optimizing our capital structure. We believe that this will enable us to capitalize on the significant growth opportunities that lie ahead.”
Vedanta Resources has a diversified portfolio of assets in India and across the world, including mining, oil and gas, and power generation.
The company has a strong focus on sustainability and has taken several initiatives to reduce its environmental footprint and promote sustainable practices.
With its commitment to deleveraging, Vedanta Resources is well-positioned to continue its growth and expansion in the years to come.
The company’s strong operational performance, strategic initiatives, and disciplined capital allocation are expected to drive its success and create long-term value for its stakeholders.
| Are you an
Entrepreneur or Startup? Do you have a Success Story to Share? SugerMint would like to share your success story. We cover entrepreneur Stories, Startup News, Women entrepreneur stories, and Startup stories
|
Read more Business Stories at SugerMint. Follow us on Twitter, Instagram, Facebook, LinkedIn for latest company news and corporate updates.