Vedanta Resources Reduces Net Debt by $300m in H1FY22
Vedanta Resources Ltd (VRL) announced on Monday that the company reduced its net debt by $300 million in the first half of this fiscal year and plans to further reduce its debt by $500 million in the second half of FY22. full repayment of Volcan’s debt, the pledge on all VRL shares has been released, the company said in a statement.
Volcan Investments is an investment arm of metals and mining magnate Anil Agarwal. “VRL reduced its net debt (including intercompany loan and loan to Volcano) by $300 million in the first half and expects to further reduce debt by $500 million in the second half of FY22” , the statement said.
The company said it believes strong operating performance from its world-class asset base will strengthen its balance sheet and lead to investment-grade credit metrics. In line with the Group’s commitment to decarbonise its operations to achieve net zero targets, Vedanta Limited has established an Environmental, Social and Governance (ESG) Committee of the Board of Directors.
“In addition, the Digital First approach is being adopted by the Group and we are undertaking various transformation projects to digitize operations and processes to further improve health, safety, environmental compliance and risk management,” said he declared. The company’s shares were trading at 306.95 rupees each, up 1.71% from its previous close.