Metals-to-oil conglomerate Vedanta’s move to split into six separate units in the next 15 months may not immediately help its UK-based parent meet a looming payment deadline for about $4.2-billion rupees of debt, at least four brokerages said.
The-billionaire Anil Agarwal-led company on Friday reversed an earlier strategy of taking the entire company private, saying it will, instead, spin off into various commodity-focused companies looking to shore up financials after a string of poor results.
The conglomerate’s parent, Vedanta Resources, is battling a host of rating downgrades triggered by worries over outstanding dues $6.4-billion as of May according to the company.
“The demerger does not solve the debt concern of parent company …
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