The company began reviewing its steel and steel raw material business, which was created with the acquisition of ESL Steel for approximately $628.44 million in 2018, in June and considered selling the company to focus on its core mining business.
Last week, it decided to split into several commodity-focused companies aimed at strengthening its financials. Parent company Vedanta Resources had faced a credit rating downgrade due to its $6.4 billion open debt.
Vedanta had arranged financing of around $1 billion in January and another financing of $500-600 million in August and was also in talks with bondholders, Anil Agarwal said on Tuesday. This is part of the company's debt reduction strategy.