[ad_1]
Vedanta, led by Anil Agarwal, says it is committed to reducing its debt.
Vedanta, led by Anil Agarwal, says it is committed to reducing its debt. The company’s CFO Sonal Srivastava said in a statement that Vedanta is focusing on continuing rapid growth in its diversified portfolio and strengthening its balance sheet. He said that the company is confident of meeting all its debt maturities of $2.7 billion in the current financial year beginning April 1.
Revenue and margin improvement expected
The company expects further improvement in revenue and margin as the global commodity market is improving. The company’s debt now stands at $7.2 billion with an average interest rate of 8.7 percent, with a Debt/Ebitda ratio of 1.88x. The company will continue to generate healthy cash flow.
Earlier this month, the company said it would enter the chip and display manufacturing market this year after its JV partner Foxconn pulled out of a $19.5 billion chip manufacturing project. Vedanta had said it was awaiting government approval for incentives under the Revised Semiconductor Production Scheme to start construction of the plant in Gujarat.