RCS - Vedanta Resources - Vedanta Resources reduces net debt by $2 Bn

VedantaAnnouncement

15/02/2023 08:30

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RNS Number : 9878P  Vedanta Resources Limited  15 February 2023

15 February 2023

 

Vedanta Resources reduces net debt by $2 Bn in FY23, ahead of plans

 

London, 15 Feb 2023: Vedanta Resources Limited (Vedanta), the parent company of Vedanta Limited, India's largest natural resources company, has deleveraged by $2 Bn in the past 11 months, thus achieving half of its $4 Bn 3-year debt reduction commitment in the first year alone.

 

 

Powered by robust domestic consumption in the fastest growing major economy,
Vedanta is delivering healthy cash flows whilst maintaining disciplined
capital allocation and has reduced net debt by $2 Bn, ahead of plans for this
fiscal. During FY24/FY25, Vedanta will continue to deleverage from net debt of
$7.7 Bn and plans to cover 50% of FY24 liquidity requirements internally and
the balance through re-financing. Over the past 20 years, Vedanta has raised
more than $35 billion through debt and equity and yielded highly attractive
returns to shareholders, while maintaining an excellent track record of debt
servicing.

 

Vedanta, a former FTSE 100 company, has an unparalleled portfolio
encompassing: Zinc (world's largest integrated producer), Aluminium (India's
largest producer of primary aluminium), Oil & Gas (India's largest private
producer of crude), Silver (6(th) largest producer globally), battery metals:
Nickel (India's sole nickel producer) & Cobalt, Copper, Iron Ore &
Steel and Commercial Energy.

 

Vedanta's next phase of growth will be fueled by its associated companies'
investments into Semiconductors (India's first Semiconductor producer in
collaboration with Foxconn), display glass (Avanstrate), renewables (through
joint venture with KKR), optical fibre (fibre to home) and transmissions.
Vedanta's portfolio uniquely covers traditional and cutting-edge businesses.

 

Vedanta, a global organisation, is set to capitalize on India's growth, stable
governance, and the strength of 1.4 billion Indians increasing their reliance
on domestic production. Vedanta Limited ranked 6(th) on the Dow Jones
Sustainability Index in 2022, a towering jump of 14 places, and is uniquely
positioned to deliver sustainable value on the back of its strong ESG
performance.

 

 For Investor enquiries:

 Mr. Sandep Agrawal, Vice President - Investor Relations (ir@vedanta.co.in
 (mailto:ir@vedanta.co.in) )

 For media queries, please contact:

 Ms. Ritu Jhingon, Group Director - Communications (Ritu.Jhingon@vedanta.co.in
 (mailto:Ritu.Jhingon@vedanta.co.in) )

 

About Vedanta Resources Limited

Vedanta Resources Limited ("Vedanta") is a diversified global natural
resources company. Its portfolio includes Zinc (world's largest integrated
producer), Aluminium (India's largest producer of primary aluminium), Oil
& Gas (India's largest private producer of crude), Silver (6(th) largest
producer globally), Copper, Iron Ore & Steel, battery metals: Nickel
(India's sole nickel producer) & Cobalt and Commercial Energy. Vedanta is
a former FTSE 100 company headquartered in London with operations in India,
Zambia, Namibia and South Africa. The company uniquely covers traditional and
leading-edge businesses. For more information on Vedanta Resources, please
visit www.vedantaresources.com (http://www.vedantaresources.com)

Disclaimer

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