Vedanta Debt Crisis Mining And Metal Group Denies Any Stake Sale To Repay Billions Of Outstanding

Vedanta Total Debt: Vedanta Resources Ltd, one of the world’s largest companies in the metal and mining sector, facing severe debt crisis, has denied the news of stake sale. The company has made it clear that it is not in talks with any fund regarding the sale of stake (Vedanta Stake Sale) to repay the debt. The company is looking at other funding options to repay the loan (Vedanta Debt Repayment).

This claim was made in the news

There were reports in a section of the media that the company of London-based industrialist Anil Agarwal (Vedanta Chairman Anil Agarwal) is looking into the possibilities of selling stake to repay the debt. It was claimed in the news that Vedanta Resources Limited is approaching investors for a strategic sale of 10 per cent stake in its company Vedanta Limited, listed in India. Apart from this, it was also said in the news that the company can also arrange a part of the debt repayment by sending the cash flow of its domestic subsidiaries and the borrowed money to the parent company through dividends.

Vedanta denied the news

According to reports, Vedanta Resources Limited has approached some Gulf investors, including Abu Dhabi’s Mubadala, Bahrain’s Investcorp and Saudi Arabia’s Public Investment Fund, for a possible stake sale. Have held talks with Sovereign Wealth Funds and Alternative Asset Managers. Apart from this, the news was also claiming to have been contacted by the International Holding Company headed by Sheikh Tahnoon bin Zayed al-Nahyan of Abu Dhabi. However, Vedanta Resources Limited has denied the news related to stake sale. The company clearly says that it has no plans to sell the stake.

Vedanta spokesperson gave this statement

According to a news from the English newspaper ET, a Vedanta spokesperson denied the news related to the sale, saying, “We deny the news of contacting any fund or sovereign wealth fund to take loans or sell stake.” We are in a good position to pay the upcoming installments of the loan. Therefore, the reports of Vedanta approaching any fund to raise money are mere speculations and have no basis.

This much money has to be paid in three months

Actually Vedanta Resources Limited is currently facing a serious debt crisis. The company has to pay about $ 02 billion in the form of loan installments by the end of June. Earlier, 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.

Vedanta chairman had made this claim

At the same time, Vedanta Chairman Anil Agarwal had claimed in an interview earlier this month that the outstanding loan amount for his company is equal to peanuts. Talking to the Financial Times, he said that it is not a huge amount. The company’s commodities business is generating enough cash and he expects a group profit of $9 billion this year. Anil Agarwal also claimed that everyone wants to give money to Vedanta. However, he did not mention the name of any bank or fund.

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