Vedanta Resources Limited (Vedanta), the parent company of Mumbai-listed mining giant Vedanta Ltd, today said it has paid all its maturing loans and bonds due in this month to reduce its gross debt by a further $1 billion.
Vedanta has now reduced debt by a total of $3 billion since it announced in February 2022 its intention to accelerate deleveraging.
It had announced plans to reduce debt by $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 $6.8 billion, down from $7.8 billion at the end of March 2023 and from $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.
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