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Vedanta Ltd. (Vedanta) has received enquiries for its non-core assets that include iron ore mines and a steel plant of ESL Steel, according to its CFO Ajay Goel. Currently, the process in terms of due diligence, data rooms, Q&As, site visits is ongoing and they hope to get some offers by the end of the current quarter and the deal to get one by early next quarter. JSW Steel and ArcelorMittal could feature among the potential bidders for Vedanta’s non-core assets, according to reports. Vedanta is looking at multiple strategies like the sale of non-core assets, demerger of its business units to reduce the debt burden at its parent level, Vedanta Resources Ltd. (‘VRL’). Earlier this year, VRL restructured its dollar debt to ease the liquidity pressures.
Vedanta’s dollar bonds traded stable with its 9.25% 2026s at 81.4 cents on the dollar, yielding 20.1%.
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