Vedanta to sell all its steel assets by March 2024

05 Oct 2023 CW Team

Vedanta Ltd, an Indian multinational mining and metals conglomerate, is on track to finalize the sale of its steel assets by March 2024, according to the company's chairman, Anil Agarwal, in an interview with CNBC TV 18 on Tuesday.

The strategic move to divest its steel and steel raw material business was initiated in June as part of Vedanta's broader effort to refocus on its core mining operations. Notably, Vedanta entered the steel production sector in 2018 with the acquisition of ESL Steel, a transaction valued at 52.30 billion rupees.

Recently, Vedanta also announced plans to restructure its operations by creating distinct commodity-focused entities, aimed at bolstering its financial position. The parent company, Vedanta Resources, is currently grappling with a substantial debt burden amounting to $6.4 billion. This predicament prompted rating agencies to downgrade the group's credit rating, further emphasizing the need for strategic realignment and asset sales to address its financial challenges.

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