Vedanta has arranged to repay debts due in CY24, says Anil Agarwal

4 Oct 2023 , 10:25 AM

According to Anil Agarwal, Chairman of Vedanta Resources, Vedanta Group has established plans to repay the group’s debt obligations due in 2024. In an interview, Agarwal outlined Vedanta’s debt repayment plan as well as the sale of enterprises to create capital.

On September 29, the company announced the demerger of its businesses.

‘We have payments due in January (2024) and August (2024). We are completely arranged. We will receive a $1 billion payment in January and a $500-600 million payment in August. Both are perfectly aligned.

‘We are looking for ways to reduce debt,’ Agarwal said in an interview only days after launching a massive demerger plan that would split the group’s companies into six separate organizations.

According to Agarwal, the sale of the steel and iron ore businesses might assist in reducing debt. The company’s steel and iron ore sales received a fantastic reaction. This can assist in paying off its debt. Therefore, they anticipate that they could be able to finalize the sale transaction by March.

The corporation is considering refinancing or repaying the debt. There are repayment and refinancing options available. It will refinance if the terms are favorable. Refinancing is fully secured, said Anil Agarwal.

According to Agarwal, the company would boost its focus on the oil and gas market. Oil is not going away. I predict the oil price will hit $120, and we will more than treble our production, including gas.

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