Vedanta Resources' liquidity depends on $2 bn fundraising: S&P report

Sustaining after September 2023 would depend on completing one of two key transactions

Vedanta Resources' liquidity hinges on its ability to close a $2-billion fundraising in a few weeks, said rating agency Standard and Poor’s (S&P) on Thursday.

The company, controlled by Anil Agarwal, is highly likely to meet its obligations until September 2023. Sustaining liquidity after that would depend on completing one of two key ongoing transactions. One is the $2-billion fundraising and the second a proposed sale of international zinc assets by Vedanta Ltd to Hindustan Zinc Ltd.

Vedanta Resources holds a 70 per cent stake in Vedanta Ltd, which in turn has 65 per cent ownership in Hindustan Zinc Ltd.