Vedanta lowers debt by $300mn

New Delhi: Vedanta Resources Ltd (VRL), a metal and mining major, in a regulatory filing deadline in the Singapore Exchangeon Monday said that it has reduced its net debt (including Inter Company Loan and loan at Volcan) by $300 million in H1 and expects to further reduce its debt by $500 million in H2 FY22.

The move comes as part of the company's efforts to strengthen its balance sheet and investment grade credit metrics. The company has embarked on a major drive to reduce its debt and release its shares pledged to investors.

With entire debt repayment at Volcan, the pledge on all the equity shares of VRL has been released, the company informed the exchange."We believe that strong operational performance from our world class asset base will strengthen our balance sheet and lead to investment grade credit metrics," VRL said in a statement.

In line with the Group's commitment to decarbonising its operations to achieve net zero targets, Vedanta Ltd has constituted an ESG committee of the board.