Anil Agarwal-led Vedanta Resources, the metal mining conglomerate  Vedanta Ltd, said on Wednesday that it has cut its net debt by USD 2 billion in the last 11 months. The company said it has fulfilled half of its USD 4 billion debt reduction commitment ahead of plans. It added it will carry on reduce its USD 7.7 billion net debt during fiscal 2024 and 2025.

In the first year, Vedanta Resources Ltd. reduced its commitment of USD 4 billion over three years by half. The London-based corporation stated that it will continue to reduce its net debt of USD 7.7 billion over the following two fiscal years.

According to the statement, the company intends to finance domestically half of its liquidity needs for the upcoming fiscal year and refinance the remaining balance. According to the commodities company, healthy cash flows are being generated by brisk Indian consumption.

According to the company's statement, Vedanta Resources' upcoming phase of expansion will be fuelled by the investments made by its affiliated firms in semiconductors, display glass, renewable energy sources, optical fibre, and transmissions.

Vedanta Resources Limited is a globally diversified natural resources firm with more than 65,000 workers and contractors, mostly in India, Africa, Ireland, and Australia. The company is involved in the extraction and processing of minerals, oil, and gas.

Share price of Vedanta Ltd NSE  gained 1.40 per cent to Rs 312.80 at 11:27 am  in Weddnesday's trade. The counter hit a high of Rs 314.80 and low of Rs 311.80 so far during the session. The stock had closed at Rs 314.20 in the previous session on the National Stock Exchange.

Adani row unlikely to spill over to other Indian companies

Adani cuts growth target, capex after Hindenburg repair moves

Adani Group’s 3 entities pledge more shares for SBI