In a recent development, Indian tycoon Anil Agarwal has claimed that he plans to turn his mining company Vedanta into a zero-debt company. The move comes amid increased scrutiny and investor sell-off of the company’s shares.
Agarwal, who owns a majority stake in Vedanta, announced his plan at the company’s annual general meeting on Monday. He stated that the company had already reduced its net debt to $4.6 billion and aims to eliminate it completely in the near future.
The news of Vedanta’s zero-debt goal comes as the company faces challenges from increased scrutiny and a sell-off of shares by investors. The company has been under the spotlight due to allegations of environmental violations and human rights abuses.
However, Agarwal has expressed confidence that Vedanta will overcome these challenges and emerge stronger. He stated that the company is committed to operating in a responsible and sustainable manner, and will work towards addressing any concerns raised by stakeholders.
Despite the challenges, Vedanta remains a major player in the mining industry, with operations in India, Africa, and Australia. The company is also involved in the production of oil and gas, and has interests in the power sector.
As the company moves towards its goal of becoming a zero-debt entity, it remains to be seen how investors and stakeholders will respond. However, Agarwal’s commitment to sustainability and responsible business practices may help to win over some critics and rebuild trust in the company.