Vedanta Resources Vendanta repays $100 mn loan to Standard Chartered Bank
Mumbai: Vedanta Resources Ltd said on Wednesday it prepaid $100 million to Standard Chartered Bank via release of encumbrance on March 10.
In a regulatory filing, the company led by billionaire Anil Agarwal said, "The earlier disclosure was made pursuant to facility agreement dated 08 September 2022 entered into between Twin Star Holding Limited, Vedanta Resources Limited and Welter Trading Limited, Standard Chartered Bank (Singapore) Limited for the purposes of availing of a facility of an aggregate amount of $100,000,000. However, the said facility has been repaid and the encumbrance has been released," the company said in a statement.
Recently, Vedanta said it had prepaid all its loans due for repayment till March 2023.
Vedanta expressed confidence that it will be able to fulfill its liquidity needs for the quarter ending June 2023.
Repaying the debt owed to Standard Chartered Bank is part of Vedanta's efforts to demonstrate to the investors that the company's debt is under control and can be managed effectively.
"We have a tremendous asset base that delivers high cash flows. There is the full capability to repay. With the ongoing expansions, we expect our revenue to be $30 billion in the near term," the company said in a social media post recently.
Vedanta Resources is the biggest stakeholder of Mumbai-listed mining and oil & gas company Vedanta Ltd.
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