Vedanta CFO likely to quit months after joining firm

25 Oct 2023 CW Team

Vedanta Ltd. is on the verge of losing its third Chief Financial Officer (CFO) in as many years, just as the mining conglomerate, under the control of billionaire Anil Agarwal, embarks on an ambitious restructuring of its operations, sources with knowledge of the matter have disclosed. Sonal Shrivastava, who assumed the role in June, conveyed her decision to depart to Agarwal last month, as per insiders who preferred to remain anonymous as this information is not yet public. Agarwal is reportedly in discussions with finance professionals who previously worked within the group to find a replacement, with a decision anticipated as early as this week.

The potential departure of Shrivastava poses further challenges for Agarwal, as his holding company, Vedanta Resources Ltd., faces impending bond repayments amounting to approximately $3 billion over the next two years. The group has been actively engaging with bondholders to explore options for restructuring the terms of these upcoming maturities. If Shrivastava's resignation is accepted, it would follow the departures of G. R. Arun Kumar in 2021, following an unsuccessful attempt by Agarwal to privatize the Mumbai-listed company, and Ajay Goel, who left earlier this year.

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