London-headquartered Vedanta Resources (VRL), the parent company of Indian mining major Vedanta (VEDL), has paid all its maturing loans and bonds due in May and June, reducing its gross debt to $6.4 billion.
This is a reduction of $3.3 billion since Vedanta announced its deleveraging ambition in March 2022, the company said in a stock exchange update.
However, a moment of reckoning is approaching for Vedanta Resources as the miner has $2 billion of bonds due in 2024 — a record annual bill for the company. Pricing data indicate investors have lingering concerns about repayments down the road.