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Vedanta won an arbitration against the government which demanded a higher payout from the company after it disallowed recovery of ~$1.16bn in certain costs. The contract noted that Vedanta could recover all costs incurred before splitting profit with the government in a pre-determined ratio. The contract added that if the government disallowed a certain portion of the cost, it will get higher profits and shares. Vedanta challenged this demand contending that additional profit the government was demanding was not payable. and that the government disallowed a portion of the cost incurred on laying a pipeline to evacuate oil produced from the oil block. Broadly, the move would be a cost saving for Vedanta amid market concerns about its financial situation.
Its dollar bonds were trading steady with its 6.125% 2024s at 65.4 cents on the dollar.
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