Friday, March 31, 2023
HomeBusinessVedanta's Anil Agarwal finds $1 billion equal to peanuts, know why

Vedanta’s Anil Agarwal finds $1 billion equal to peanuts, know why

Vedanta Total Debt: Vedanta Ltd, one of the world’s largest companies in the metal and mining sector, is currently facing a debt crisis. The company has to pay about $ 01 billion within the next three-four months. Although this is not a big deal for the company’s chairman Anil Agarwal (Vedanta Chairman ANil Agarwal). According to Aggarwal, 01 billion dollars is not a special amount but it is equal to peanuts for him.

Vedanta expects so much profit

The Vedanta chairman was talking to the Financial Times about the alleged debt crisis. His company has to pay $ 900 million in loan installments by June this year. When Agarwal was asked about this, he said that it is not a huge amount. He said the company’s commodity business is generating enough cash and he expects the group’s profit to be $9 billion this year.

S&P report sold off

Vedanta has been in the news for the past several days for its high level of debt. Rating agency S&P Global has recently released a report regarding this. Expressing doubt on Vedanta’s ability to repay the debt, the report said that all the hopes of the company rested on the plan to raise capital of $ 02 billion and the proposed sale of Vedanta Zinc’s assets in Africa. The mention of this in the report created panic in the market and investors started selling Vedanta shares on a large scale. During the last one month, shares of Vedanta have fallen by about 10 percent.

The chairman made this claim

Talking to Financial Times, Anil Agarwal said that everyone wants to give money to Vedanta. However, he did not name any bank or fund. He said that Vedanta was in talks with JP Morgan and other banks for a loan of $ 01 billion at an interest rate of 8-10 percent. He told that Vedanta has less than $13 billion in total debt and in view of this, becoming completely debt free is not a dream but an achievable goal in the medium term.

The company has these options

Vedanta Resources Limited, the parent company of Vedanta Limited, had told last month that it has already paid all the liabilities till March this year. The company had also expressed confidence about all payments to be made by the end of the June quarter. The Vedanta chairman also reiterated his confidence that his company has several options to repay the loan instalments. The company can also repay it through refinance and this expenditure can also be met from internal accounts.


iPhone 11 is still the best-selling smartphone, according to MegaFon’s new connections in Moscow

iPhone 11 is still the best-selling smartphone, according to MegaFon’s new...

According to the statistics of new connections to the MegaFon mobile network in Moscow, last year, residents of the capital chose the iPhone 11...
- Advertisment -


Two Wheeler

Digit News