In line with its commitment to become a “zero-debt” company, mining mogul Anil Agarwal’s Vedanta Ltd has repaid $100 million to Standard Chartered Bank via release of encumbrance on March 10.
“The earlier disclosure was made pursuant to facility agreement dated 08 September 2022 entered into between Twin Star Holding Limited, Vedanta Resources Limited and Welter Trading Limited, Standard Chartered Bank (Singapore) Limited for the purposes of availing a facility of an aggregate amount of US$ 100,000,000. However, the said facility has been repaid and the encumbrance has been released,” the company said in a statement.
Amid concerns being raised over the group’s debt, Agarwal recently said in an interview that the group has enough funding options and it wants to have “zero debt”.
The consolidated debt of Vedanta Resources, the parent firm of Vedanta Ltd, is standing at $11.8 billion.
Agarwal assured investors that the company has ample funds to meet upcoming debt maturities worth $900 million.
Vedanta Resources had said it has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by $2 billion in the past 11 months.
Further, it also said the company is confident of meeting its liquidity requirements for the quarter ending June 2023.
