Vedanta Resources Ltd (VRL) said on Monday that the company reduced its net debt by $ 300 million in the first half of this fiscal year and plans to further reduce its debt by $ 500 million in the second half of fiscal year 22.
With the full repayment of Volcan’s debt, the pledge on all VRL shares has been released, the company said in a statement.
Volcan Investments is an investment arm of metals and mining magnate Anil Agarwal.
“VRL reduced its net debt (including the B2B loan and the loan at Volcan) by $ 300 million in the first half of the year and plans to further reduce its debt by $ 500 million in the second half of fiscal 22,” says the press release.
The company said it believes the strong operational performance of its world-class asset base will strengthen its balance sheet and lead to higher quality credit metrics.
In line with the group’s commitment to decarbonize its operations to achieve net zero targets, Vedanta Limited has established an Environmental, Social and Governance (ESG) Committee of the Board of Directors.
“In addition, the Digital First approach is adopted by the Group and we are undertaking various transformation projects to digitize operations and processes in order to further improve health, safety, environmental compliance and risk management”, he declared.
The company’s shares were trading at Rs 306.95 each, up 1.71% from its previous close.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)