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Vedanta aims to complete the sale of steel assets by March 2024

India's Vedanta plans to complete the sale of its steel assets by March 2024, in line with its goal of reducing its overall debt.

Vedanta aims to complete the sale of steel assets by March 2024

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.


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