Vedanta Resources Limited (Vedanta), says it has continued to focus on optimizing capital allocation and maintaining a robust balance sheet while generating free cash flows.
Vedanta Director Corporate Communications Masuzyo Ndhlovu, says the company has had its deleveraging ambition planned in March 2022 resulting in paying all its maturing loans and bonds due in May and June 2023.
He said Vedanta is targeting further debt reduction during the balance of the financial year 2024 to lower its gross debt to zero which will be necessitated by the company’s expectations of robust demand, coupled with strong operational performance from the company’s world-class asset base.
Mr. Ndhlovu further said that the balance sheet and the cash flow of Vedanta continue to remain strong and healthy, and the company assets to break new ground by partnering with Foxconn to build a $19.5bn semiconductor plant in October-December 2023 and producing electronic chips by the first half of 2027.
He also added that one of Vedanta Resources’ subsidiary companies Hindustan Zinc Limited announced a dividend of $3.916 billion, the highest in its history for an unprecedented fourth time this year while another of Vedanta’s companies domiciled in South Africa, Vedanta Zinc International is among companies poised to invest R16 billion in the Namakwa special economic zone, a government initiative, to unlock mining beneficiation, production of green hydrogen, infrastructure development, renewable energy, and agro-procession, critical to job creation and economic development of the Northern Cape.
“Vedanta has continued to chart and create more value to build new pathways of growth in all of its operations,” he said.
