Vedanta Resources' near-term liquidity risk as it seeks funds: S&P

Anil Agarwal-controlled unit looks to raise $700 mn from Indian lenders

Rating agency Standard and Poor’s (S&P) on Thursday said liquidity stress has decreased for Vedanta Resources as the company has addressed a large part of its debt maturities for financial year 2022-2023 (FY23).

While Vedanta Resources still has some funds to raise, it has adequate cash held at subsidiary Vedanta and will benefit from established banking relationships. However, Vedanta Resources' weakened access to capital markets and persistent refinancing needs constrain the rating, S&P said.

From needing to refinance about $3 billion at the start of the financial year, Vedanta Resources' debt maturities for the rest of the financial