Anil Agarwal’s company repaying debt in Top Gear, now paid billions to Standard Chartered

Vedanta Total Debt: Vedanta Resources Ltd, a giant in the metal and mining sector, has increased the pace of loan repayment. Anil Agarwal’s company has now paid billions to Standard Chartered Bank in the new consignment. In this way, there has been a further reduction in the total liability of the company.

$800 million payment

Vedanta Resources has told that it has paid more than $ 800 million i.e. Rs 6,500 crore to Standard Chartered. Anil Agarwal’s company had taken this loan from the London and Hong Kong branches of Standard Chartered Bank. Vedanta Resources had taken this loan by pledging the shares of its subsidiary Vedanta Limited. In this way, now the pledged shares of Vedanta Limited have also reduced.

$1 billion filled before

Earlier, the company had told last month that it has paid the dues of $ 1 billion (Vedanta Debt Repayment). The company then said that it has repaid all the outstanding loans and bonds by April 2023. The company had announced to accelerate the repayment of loan in February 2022. Till last month, the company had reduced its debt by three billion dollars. The company plans to reduce debt by $4 billion in three years. Now, out of this, another loan of $800 million has been repaid.

Shares of Vedanta Ltd.

Vedanta Limited is the Indian subsidiary of London headquartered Vedanta Resources Limited. Vedanta Limited told the stock markets last week that Rs 1,500 crore has been raised by pledging some shares of Hindustan Zinc Limited (HZL). The company is taking all possible measures to reduce the debt burden and is raising funds. 91.35 per cent of the total promoters’ shareholding in Hindustan Zinc Limited is now pledged. The promoters’ entire stake in Vedanta Limited is already pledged. However, after the fresh payment to Standard Chartered, a large part of Vedanta Limited’s shares have now become free.

ever-decreasing liability

Rating agency Crisil had told in March that Vedanta Resources Limited has to pay about $ 1.7 billion i.e. Rs 13,885 crore in the form of loan installments by the end of June. The total debt over Vedanta was $ 7.8 billion in March 2023. About a year before this i.e. in March 2022, the total outstanding on Vedanta was $ 9.7 billion. The company has sharply reduced its debt burden in recent months. Vedanta Resources is confident that it will pay all its dues on time.

read this also: These companies are on top in giving employment!