Construction Industry News
Vedanta Ltd, an Indian multinational mining and metals conglomerate, is on track to complete the sale of its steel assets by March 2024, the company's chairman, Anil Agarwal, said in an interview with CNBC TV 18 on Tuesday.
The strategic move to divest its steel and steel raw materials business was initiated in June as part of Vedanta's broader effort to refocus on its core mining business. Vedanta particularly entered the steelmaking sector in 2018 with the acquisition of ESL Steel, a transaction worth 52.30 billion rupees.
Recently, Vedanta also announced plans to restructure its operations by creating separate commodity-focused entities aimed at strengthening its financial position. Its parent company, Vedanta Resources, is currently struggling with a hefty debt burden of $6.4 billion. This predicament prompted credit rating agencies to downgrade the group's credit rating, further highlighting the need for strategic asset rescheduling and asset sales to address the financial challenges.
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