Vedanta Approves $932M Dividend Amid Efforts to Strengthen Financial Position
Indian tycoon Anil Agarwal’s Vedanta has approved a third tranche of dividend payouts, continuing its efforts to enhance the financial stability of its debt-laden London-based parent company.
The Mumbai-based miner announced a dividend of 78.21 billion rupees ($932 million), bringing its total payout for the fiscal year ending in March to 134.75 billion rupees.
Vedanta Resources, weighed down by significant debt from a series of acquisitions, has reduced its obligations by $4.5 billion over the past two years. The company aims to repay an additional $3 billion over the next three years to further improve its liquidity.
In recognition of these efforts, S&P Global Ratings upgraded Vedanta’s credit rating in July, citing the company’s adequate internal funds to meet debt maturities through the end of 2025.
The dividend payment is scheduled for September 10.
Additionally, Vedanta is restructuring its Indian unit into six listed companies, allowing investors direct exposure to individual businesses and potentially increasing the overall value of the group’s components.
