Vedanta Ltd might have paused its plans to sell its steel business following a successful $1 billion share sale that provided it with greater financial flexibility, suggested a report by Bloomberg. The decision to delay the sale, according to the report citing sources, also stems from environmental and regulatory hurdles that have discouraged potential bidders. The company, however, clarified in a statement that it had not put the sale on hold. The Mumbai-based conglomerate, led by Anil Agarwal, had been collaborating with advisors to sell the steel business, which includes iron-ore and manganese mines, with the goal of raising about $2.5 billion to reduce the group's debt. The recent capital infusion alleviated some of this financial pressure, reducing the immediate need for a sale, said Bloomberg. While specific details about the environmental and regulatory challenges were not disclosed, the sources cited in the report noted that the company might revisit the sale in the future.

Read more