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27-02-2023, 04:25 PM
Last Updated: Feb 27, 2023, 11:18 AM IST
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Anil Agarwal’s once-London-listed Vedanta Resources Ltd. has a pile of debt, including a US$1 billion bond due January. Yet, his most recent attempt to trim the load has upset the one partner he can’t afford to annoy: New Delhi.
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Vedanta Resources did manage to shed its net-debt burden from almost US$10 billion in March last year to a little under US$8 billion.
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But it was when Agarwal tried to secure the finances for US$1.5 billion in loan and bond repayments between September this year and January 2024 that he hit a roadblock.
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The next few weeks will be crucial for fundraising. If it fails, the issuer’s B- credit rating, already deep in the junk-bond category, could come under pressure
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Adani’s net debt pile of US$24 billion may be three times as large as Agarwal’s, but his bonds are still rated at the lowest rung of investment grade.
Read the full report to get why New Delhi is upset at: https://economictimes.indiatimes.com/mar...262044.cms
......
Anil Agarwal’s once-London-listed Vedanta Resources Ltd. has a pile of debt, including a US$1 billion bond due January. Yet, his most recent attempt to trim the load has upset the one partner he can’t afford to annoy: New Delhi.
......
Vedanta Resources did manage to shed its net-debt burden from almost US$10 billion in March last year to a little under US$8 billion.
......
But it was when Agarwal tried to secure the finances for US$1.5 billion in loan and bond repayments between September this year and January 2024 that he hit a roadblock.
......
The next few weeks will be crucial for fundraising. If it fails, the issuer’s B- credit rating, already deep in the junk-bond category, could come under pressure
......
Adani’s net debt pile of US$24 billion may be three times as large as Agarwal’s, but his bonds are still rated at the lowest rung of investment grade.
Read the full report to get why New Delhi is upset at: https://economictimes.indiatimes.com/mar...262044.cms
