Vedanta pays back $100 million loan to Standard Chartered

15 Mar 2023 , 12:32 PM

On March 10, 2023, Vedanta announced that it has settled its debt obligation of $100 million to Standard Chartered Bank.

‘The facility agreement that was signed on September 8, 2022, between Twin Star Holding Limited, Vedanta Resources Limited, Welter Trading Limited, and Standard Chartered Bank (Singapore) Limited, enabled access to a $100 million facility. Nonetheless, we have now repaid this facility, and as a result, the encumbrance on the collateral has been released,’ stated the company.

Vedanta has been persistently striving to persuade investors that its debt is under control, and the company has reiterated that it has a consistent track record of timely repayment and possesses the complete ability to repay.

With an impressive deleveraging of USD 2 billion in just 11 months, Vedanta Resources announced that it has fully repaid all of its debt obligations until March 2023. Moreover, the company remains optimistic about fulfilling its liquidity needs for the quarter concluding in June 2023.

Vedanta Limited achieved an EBITDA of USD 6.1 billion and generated USD 3.6 billion in free cash flow (pre-capex) throughout FY22.

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