Vedanta Resources' efforts to manage its debt load were dealt a blow after the government opposed the mining conglomerate's proposed $2.98 billion deal to move certain zinc assets from its flagship company to another in which it is a majority shareholder.
The billionaire Anil Agarwal-owned company - parent of Indian resources giant Vedanta Ltd - said it had cut net debt by $2 billion in the last 11 months, ahead of its own target.
Vedanta Resources said on Wednesday it had brought down debt significantly, seeking to allay market concerns after S&P Global Ratings last week raised doubts about its ability to meet. | February 15, 2023