Vedanta Resources Ltd reduces net debt by $ 300 million in first half of fiscal year

MUMBAI : Mining company Vedanta Resources Ltd (VRL) reduced its net debt (including intercompany loan and loan to Volcan) by $ 300 million in the first half of this fiscal year and plans to reduce its debt further by $ 500 million in the second half, the company said Monday.

“With the full repayment of debt at Volcan, the commitment on all VRL shares has been released. We believe that the strong operational performance of our world-class asset base will strengthen our balance sheet and lead to action. credit quality, ”the company said. in a press release

The company added that in line with the group’s commitment to decarbonize its operations to achieve net zero targets, Vedanta Limited has formed an ESG committee of the board.

It has also taken a digital first approach and is undertaking various transformation projects to digitize operations and processes to further improve health, safety, environmental compliance and risk management.

The company’s certificate was trading at ??306.20, up 1.46% on BSE this morning.

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Ann J. Cox