"We are very comfortable with Vedanta Resources' debt and its debt-to-equity ratio and have no plans to reduce stake in Vedanta Ltd to raise funds," said Anil Agarwal, chairman of the Vedanta group, at a town hall of Vedanta Ltd shareholders.
Vedanta's shares closed 2.5 percent down at ₹278 apiece on Wednesday, giving it a market valuation of ₹1.03 trillion. The company lost 13.3 per cent or 15,891 crore of market valuation over the past year.
The Vedanta group aims to reduce its debt further in 2023-24 (FY24) and ultimately have it at zero. It has reduced gross debt by $3.3 billion since it announced a deleveraging target in March 2022.
VRL's gross debt was $9.7 billion at the end of March 2022, a Vedanta statement noted.
This story is from the June 01, 2023 edition of Business Standard.
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This story is from the June 01, 2023 edition of Business Standard.
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