Anil Agarwal, head of mining company Vedanta Group, is now going to follow the path of Mukesh Ambani. Image Credit source: File Photo
Anil Agarwal, head of mining company Vedanta Group, is now going to follow the path of Mukesh Ambani. Yes, Vedanta group is also in huge debt at this time. The company’s chairman Anil Agarwal is constantly trying to overcome this and now he has given a big statement about dealing with this debt, which has come at a time when Gautam Adani and his group are in bad shape after the report of Hindenburg Research. Is. The main reason for Adani Group’s deteriorating condition is its huge debt of about Rs 2 lakh crore.
Anil Agarwal says that in the next 2 to 3 years, Vedanta Group will be a ‘net zero debt’ company. This is exactly like the announcement made by Mukesh Ambani in the 42nd Annual General Meeting of Reliance Industries in August 2019. After this, within a year, Reliance Industries raised a huge amount by selling rights issue and stake in Jio Platforms, and in June 2020 declared itself a ‘zero debt’ company.
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This is how Vedanta will become ‘Zero Debt’
Vedanta Group chief Anil Agarwal says that the company has sufficient cash flow. This is enough to repay the debt liabilities of the company. Next year, Vedanta Group will earn a profit of $ 9 billion (about Rs 73,570 crore). At the same time, the income of the group is going to be $ 30 billion (about Rs 2,45,235 crore).
The importance of this statement of Anil Agarwal has increased in the recent past after seeing the situation of Adani Group. Vedanta Group has to repay its debt of $ 2 billion (about Rs 16,350 crore) by 2024 itself. At the same time, in the next three financial years, the group has to repay a total loan of $ 4.7 billion (about Rs 38,420 crore). Meanwhile, keeping the future in mind, Vedanta Group is planning to set up the largest semiconductor factory in India. For this also the company needs huge capital.
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What is it like to be a Zero Debt company?
A ‘net zero debt’ company is considered to be a company that has assets and cash equal to its debt. Being a zero debt company does not mean at all that there is no debt on it. Rather his outstanding loan does not appear in his balance sheet. Such companies are considered better in terms of investment.