Vedanta cuts net debt by $2 billion in FY23 as funding woes linger

Billionaire Anil Agarwal‘s commodities giant has slashed net debt by $2 billion in the current financial year as it seeks to soothe investor concern over its liquidity and ability to repay upcoming obligations.   

Vedanta Resources Ltd. has achieved half of its three-year planned reduction commitment of $4 billion in the first year, the London-based company said in an exchange filing. It will continue to deleverage from net debt of $7.7 billion in the next two financial years, it said.

The move comes after S&P Global Ratings last week flagged the company’s debt scores may “come under pressure” if it’s