Vedanta Resources Ltd., the parent company of Mumbai-listed mining giant Vedanta Ltd, on Monday said it has paid all its maturing loans and bonds due in this month to reduce its gross debt by a further $1 billion.
Vedanta has now reduced debt by a total of $3 billion since it announced in February 2022 its intention to accelerate deleveraging.
It had announced plans to reduce debt by $4 billion within 3 years.
"Vedanta has thereby achieved 75% of its committed reduction in just 14 months," the firm said in a statement.
The firm's gross debt now stands at $6.8 billion, down from $7.8 billion at the end of March 2023 and from $9.7 billion at the end of March 2022.
"During the balance of FY24, we believe that strong operational performance from our world class asset base coupled with robust commodity prices will lead to further deleveraging at Vedanta," the statement said.
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