India's Vedanta CFO confident of meeting debt maturities in FY24

India’s Vedanta is confident of meeting its debt maturities of US$2.7 billion this fiscal year, its chief financial officer said on Monday (Jul 24).

The company is committed to reducing debt as its “high-quality” assets continue to generate a healthy cash flow, Sonal Shrivastava said in a statement. “We are prudent in raising capital.”

Earlier this month, the company said it would enter the market for the manufacturing of chips and displays this year, after its joint-venture partner Foxconn pulled out of a US$19.5 billion chipmaking project.

Vedanta had then said it was awaiting government approval for incentives under a modified semiconductor production plan, to begin the construction of a plant in the western Indian state of Gujarat, for which it has tapped technology and equity partners.

Last week, the company reported an almost 41 per cent slump in first-quarter profit, after weak commodity prices outweighed a slight increase in production and sales of metals like aluminium. Meanwhile, its quarterly revenue from operations fell nearly 13 per cent. REUTERS