Vedanta Total Debt: Vedanta Resources Ltd, a giant in the metals and mining sector, has been facing a serious debt crisis for some time now. The company is working hard to repay the loan. However, even after this, the mining company has donated freely to political parties during the last financial year.
Information in the company’s annual report
Quoting the company’s annual report, a PTI news report said that it has donated Rs 155 crore to political parties through electoral bonds in the financial year ending March 2023. Earlier in 2021-22, the company had donated Rs 123 crore. If seen in this way, political donations of Vedanta have increased.
Donated so much in five years
Although the company has not told which political parties it has donated and how much amount has been given. In 2017-18, the Modi government started the system of electoral bonds for election funding. Any individual or corporate can buy electoral bonds from SBI and donate it to any political party. Later political parties get them cashed. In the last five years, Vedanta has donated a total of Rs 457 crore to political parties through electoral bonds.
Vedanta has set this goal
Vedanta has given this donation at a time when it is facing huge debt crisis. However, the company has set a target of making itself debt free as soon as possible, to achieve which it is repaying the loan fast. Vedanta Resources had told in May that it had paid Standard Chartered more than $ 800 million, or Rs 6,500 crore. At the same time, in April, the company had given information about paying the dues of $ 1 billion.
There has been a speed in repaying the loan
The company had announced to accelerate the repayment of loan in February 2022. By the month of April, the company had reduced its debt by three billion dollars. The company plans to reduce debt by $4 billion in three years. Now, out of this, another loan of $800 million has been repaid. Earlier this month, Vedanta raised $450 million by pledging shares with two rival companies.
pledged shares
Nomura had reported in a report that Vedanta Resources Limited, the parent company of Vedanta Limited, may use the $200 million funding received from rival Trafigura to settle Oaktree’s $150 million dues. Apart from this, Vedanta received funding of $ 250 million from another rival company, Glencore. Nomura had said that Vedanta is trying to raise $ 1 billion in funding to repay the debt.
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