By – Prakarsh Kastwar
According to the chairperson, Vedanta is also in communication with bond holders and has financial arrangements for around $1 billion in January and $500–600 million due in August.
Vedanta Ltd in India plans to sell its steel operations by March 2024 in order to reduce total debt, according to firm chairman Anil Agarwal, who spoke to CNBC-TV18 on Tuesday.
In June, the company initiated a review of its steel and steel raw material business, which was formed by the acquisition of ESL Steel in 2018 for 52.30 billion rupees, with the intention of selling the company to focus on its core mining businesses.
Last Monday, the conglomerate decided to split into several commodity-focused entities in order to shore up its finances. Concerns over its $6.4 billion in outstanding debt prompted a slew of rating downgrades for its parent company, Vedanta Resources.
Agarwal told CNBC-TV18 on Tuesday that Vedanta has lined up funds of roughly $1 billion in January and $500-600 million due in August, adding that the company is also in talks with bond holders.