Vedanta to complete sale of steel assets by March to reduce debt: Chairperson - Hindustan Times
close_game
close_game

Vedanta to complete sale of steel assets by March to reduce debt: Chairperson Anil Agarwal

Reuters | | Posted by Singh Rahul Sunilkumar
Oct 03, 2023 04:55 PM IST

Vedanta has lined up finances of about $1 billion in January and $500-$600 million due in August and is also talking to bond holders, says chairperson.

India's Vedanta Ltd will complete the sale of its steel assets by March 2024 as it looks to reduce overall debt, group chairman Anil Agarwal told CNBC-TV18 channel on Tuesday.

Vedanta chairman Anil Agarwal(HT Photo)
Vedanta chairman Anil Agarwal(HT Photo)

The company began the review of its steel and steel raw material business - formed through the acquisition of ESL Steel in 2018 for 52.30 billion rupees - in June, looking to sell the company to focus on its core mining businesses.

Hindustan Times - your fastest source for breaking news! Read now.

The conglomerate last week decided to spin off into various commodity-focused companies looking to shore up financials. Its parent Vedanta Resources saw a slate of rating downgrades triggered by worries over its $6.4 billion outstanding debt.

Agarwal on Tuesday told CNBC-TV18 that Vedanta has lined up finances of about $1 billion in January and $500-$600 million due in August and is also talking to bond holders.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News, Vijay Shekhar Sharma along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, February 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On