Sonal Shrivastava, CFO of Vedanta, expresses confidence in completing debt maturities in FY24

25 Jul 2023 , 11:12 AM

According to the CFO of India’s Vedanta, the company is confident in its ability to pay its $2.7 billion in debt maturities this fiscal year.

According to a statement from Sonal Shrivastava to Reuters, the company is committed to paying down debt as long as its ‘high-quality’ assets continue to provide a positive cash flow. ‘We raise capital carefully.’

Following Foxconn’s withdrawal from a $19.5 billion semiconductor manufacturing project, the business earlier this month announced it will enter the market for chip and display manufacturing this year.

Vedanta had previously stated that it was awaiting government clearance for incentives under a modified semiconductor production plan in order to start building a factory in Gujarat, a state in western India. For this project, Vedanta has enlisted the help of equity and technical partners.

After sluggish commodity prices overshadowed a minor increase in production and sales of metals like aluminium, the company last week reported a nearly 41% decline in first-quarter profit. In the meantime, operating revenue for the quarter decreased by over 13%.

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