Vedanta Resources has reportedly told its bond investors that it is open to delaying payments on the dollar debt.
A Bloomberg report said that the Anil Agarwal-led firm, which has around $2 billion worth of debt maturing next year, has contacted investors with a proposal to pay a portion of the dollar bonds maturing in 2024 and 2025 in cash, with the rest of the principal being deferred for three years.
It would see the parent repaying about half of the January 2024 debt’s principal and a relatively smaller proportion on the March 2025 debt.
This comes even as the company is looking to mobilise $1 billion to repay the debt. In an interview with CNBC TV-18 recently, group chief Anil Agarwal had said that Vedanta had lined up funds to repay the debt.
The company’s Indian arm recently announced a major restructuring that entailed Vedanta Ltd getting split into six separate listed entities.
On September 29, Vedanta said its board approved the demerger of the aluminum, oil and gas, power, steel and ferrous material and base metals businesses.
