The rating on Vedanta Resources will likely come under immediate pressure if neither of these transactions progresses over the coming weeks, S&P said in a report.
PTI
February 09, 2023 / 12:37 PM IST
Vedanta
Mining billionaire Anil Agarwal-led Vedanta Resources’ liquidity will depend on a USD 2 billion fundraising exercise and the proposed sale of international zinc assets to Hindustan Zinc Ltd, S&P Global Ratings said.
The rating on Vedanta Resources will likely come under immediate pressure if neither of these transactions progresses over the coming weeks, S&P said in a report.
“The next few weeks will be crucial for Vedanta Resources Ltd. The company is highly likely to meet its obligations until September 2023.
“However, sustaining liquidity beyond that would depend on the completion of at least one of two key ongoing transactions: a targeted USD 2 billion fundraising exercise, and a proposed sale of international zinc assets by Vedanta Ltd (Vedanta Resources has 70 per cent stake) to Hindustan Zinc Ltd (Vedanta Ltd. has 65 per cent ownership),” it said.
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