05 February 2024
Mining conglomerate Vedanta Ltd received inquiries from domestic and international players for its non-core assets, the company's chief financial officer Ajay Goel told analysts in a post-earnings call, reinforcing that the company's intention to dispose of the assets remains intact. The comments were made during the earnings call on January 25, and the transcript of the same was made available on January 30. "The process in terms of due diligence, data rooms, Q&As, site visits is ongoing. We are hopeful to get some offers by this quarter's end, and sometime, early next quarter, we see the deal going through. So net-net, our interest in the disposition of non-core assets remains intact, de-leveraging both for VEDL," Goel said. Last year, Vedanta chairman Anil Agarwal flagged that the company aims to complete sale of steel assets by March 2024 amid demerged plans. According to media reports, steelmakers JSW Steel and ArcelorMittal feature among the likely bidders for the iron ore mines and a steel plant of ESL Steel, which is a part of the mining company.
Mining conglomerate Vedanta Ltd received inquiries from domestic and international players for its non-core assets, the company's chief financial officer Ajay Goel told analysts in a post-earnings call, reinforcing that the company's intention to dispose of the assets remains intact. The comments were made during the earnings call on January 25, and the transcript of the same was made available on January 30. "The process in terms of due diligence, data rooms, Q&As, site visits is ongoing. We are hopeful to get some offers by this quarter's end, and sometime, early next quarter, we see the deal going through. So net-net, our interest in the disposition of non-core assets remains intact, de-leveraging both for VEDL," Goel said. Last year, Vedanta chairman Anil Agarwal flagged that the company aims to complete sale of steel assets by March 2024 amid demerged plans. According to media reports, steelmakers JSW Steel and ArcelorMittal feature among the likely bidders for the iron ore mines and a steel plant of ESL Steel, which is a part of the mining company.
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