Debt Reduced, Business Robust: Vedanta Resources CEO Dismisses Viceroy Research's Charge
Vedanta's Deshnee Naidoo said that the Viceroy report merely compiles partial, publicly available information and takes it out of context.
Deshnee Naidoo, the chief executive officer of Vedanta Resources, on Thursday dismissed the recent report released by US-based short seller Viceroy Research, stating that it contains “nothing that we haven’t already disclosed” during the annual general meeting.
The report, published just days before Vedanta's Annual General Meeting, claimed that the company’s group structure was financially unsustainable and presented a material risk to its creditors. The timing of the report led to a sharp decline in Vedanta’s share price, which fell by as much as 6.2% during trading hours on the day of its release.
Naidoo, while denying the charges levelled by the short seller, said over the last three years, Vedanta has actively reduced its debt and continues to strengthen its financial structure.
Earlier, on Wednesday, the conglomerate was quick to counter the allegations levelled by Viceroy Research, calling its report a “malicious combination of selective misinformation and baseless allegations.” The company also noted that Viceroy made no attempt to seek clarification or a response before publishing the report, accusing the short seller of attempting to manipulate market sentiment for personal gain.
Naidoo, while speaking at the AGM, said that the report merely compiles partial, publicly available information and takes it out of context. “The authors have only presented part of the picture,” she said.
She underscored Vedanta’s strategic focus on demerger, diversification, and deleveraging, which she described as key pillars for long-term value creation.
Highlighting the group’s forward-looking plans, Naidoo said the company has planned Rs 50,000 crore in capital expenditure over the next 3–4 years, with all projects targeting an internal rate of return of at least 18%. Vedanta has also been declared the preferred bidder for five composite mineral blocks, further strengthening its portfolio in critical resources.
Regarding global concerns, Naidoo noted that only 2% of Vedanta’s revenue is exposed to the US, and thus, the group is unlikely to face any significant impact from potential tariffs or macroeconomic disruptions in that region.
On the operational front, Vedanta continues to maintain a stable workforce, with attrition levels currently at around 11% across its businesses.
