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Vedanta Group Structure Unsustainable: Shortseller
The New Indian Express Vellore
|July 10, 2025
Anil Agarwal-led group says allegations aimed at discrediting it
US-based investigative financial research Viceroy Research has alleged the entire group structure of Vedanta is "financially unsustainable, operationally compromised, and poses a severe, under-appreciated risk to creditors".
In its report, Viceroy said that Vedanta Resources "resembles a Ponzi scheme".
Viceroy said on Wednesday it is shorting the debt stack of Vedanta Resources (VRL), the parent company and majority owner of Vedanta Ltd (VEDL).
It described VRL as a holding company with no major operations of its own, dependent on extracting cash from VEDL to meet its obligations.
"The core of our investment thesis rests on a simple but critical dynamic: VRL is a "parasite" holding company with no major operations of its own, propped up by cash extracted from its dying "host": VEDL."
This story is from the July 10, 2025 edition of The New Indian Express Vellore.
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