Vedanta Chairman Anil Agarwal Confident $1 Billion Debt Will Be Paid Off by June 2023
Anil Agarwal, the chairman of Vedanta Resources, stated that the company’s $1 billion debt is insignificant and can be easily paid off by June 2023. The statement comes as a response to concerns over Vedanta’s liquidity and ability to repay its dues.
Agarwal pointed out that Vedanta is a diversified natural resources company with a strong balance sheet and cash flow. He expressed confidence in the company’s ability to generate enough cash to repay its debt within the given timeline.
The $1 billion debt in question is a loan taken by Vedanta Resources to acquire Electrosteel Steels in 2018. The loan was originally due in 2021 but was later extended to June 2022. However, Vedanta has requested another extension until June 2023.
Despite concerns over Vedanta’s debt, Agarwal remains optimistic about the company’s future. He highlighted the company’s ongoing investments in growth projects and its commitment to sustainability and responsible mining.
Vedanta Resources is a global diversified natural resources company with operations in India, South Africa, Namibia, and Australia. The company’s portfolio includes aluminum, copper, zinc, lead, silver, iron ore, oil and gas, and commercial power generation.
In conclusion, Anil Agarwal’s statement regarding Vedanta’s $1 billion debt indicates that the company is confident in its ability to pay off its dues by June 2023. While concerns over liquidity and debt persist, Vedanta’s diversified portfolio and ongoing investments in growth projects provide a positive outlook for the company’s future.