VEDL

The views expressed here are those of the author, a columnist for Reuters.

By Clyde Russell

LAUNCESTON, Australia, June 3 (Reuters) - The rise of India's steel sector is touted as a boost for iron ore miners seeking to find new markets as China's output eases, but the reality is likely to fall short of the hype.

India's steel-making capacity is currently about 200 million metric tons per annum and the South Asian nation has ambitious plans to reach 300 million by 2030.

Working on the assumption that these plans come close to being realised, how does that alter the dynamics in the global seaborne iron ore market?

In order to get to an answer, it's important to work out how much of the demand for iron ore from the new steel mills can be met by India's own mines.

India is the fourth-largest iron ore miner and its production hit a record 289 million tons in the fiscal year from April 2024 to March 2025, according to preliminary government data.

This was up from the previous fiscal year's 277 million tons, but is also well short of what would be required to supply a 300 million tons per annum steel-making sector.

Depending on the grade of iron ore used, it takes about 1.6 tons to make one ton of steel using the blast furnace/basic oxygen furnace process, the most common method in both India and top steel producer China.

Is it possible that India's domestic iron ore output could rise to around 460 million tons by 2030, and if it could, is it also possible that the infrastructure required to transport ore to steel mills can be put in place?

Vedanta Group Chairman Anil Agarwal told the Business Standard last month that India has the potential to overtake China and Brazil to become the second-largest iron ore miner after Australia.

Vedanta owns Sesa Goa Iron Ore, one of India's major producers, and while Agarwal is correct in pointing to India's large reserves, it's unlikely that such a large increase in iron ore output in a relatively short period of time is possible.

The Indian Steel Association expects that there will be a shortage of iron ore of more than 100 million tons in coming years, meaning imports will have to increase.

IMPORTS RISING

India is currently a net exporter of iron ore, usually shipping lower-grade ores to China while importing higher-grade material to blend with domestic ore.

India's exports for the first five months of 2025 were 13.67 million tons, of which 11.11 million went to China, according to data compiled by commodity analysts Kpler.

Exports have been trending lower as more ore is used by domestic steel plants, with the monthly average of 2.73 million tons for the first five months of 2025 down from the average of 3.13 million for 2024 and 3.70 million for 2023.

Imports have also been trending higher, with arrivals of 4.57 million tons in the first five months of 2025, according to Kpler.

This puts India on track to more than double imports this year from the 6.72 million tons in 2024 and the 6.67 million in 2023.

But even if imports do rise to around 10 million tons this year, it's a long way to get to 100 million tons by 2030.

Much will depend on how quickly India builds up steel capacity and how domestic iron ore miners respond.

India has about 20 million tons of steel capacity currently under construction and a further 155 million planned, according to data compiled by the Global Energy Monitor.

The under-construction plants will likely boost demand for iron ore imports, but the volumes are likely to be modest, at least for this year and next.

What is likely is a continuation of current trends, with India's exports of low-grade iron ore trending lower and its imports of higher-grade ore moving higher over time.

The views expressed here are those of the author, a columnist for Reuters.

(Editing by Stephen Coates)

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May 27 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA - TO CONSIDER ISSUANCE OF NON-CONVERTIBLE DEBENTURES ON A PRIVATE PLACEMENT BASIS

Source text: ID:nnAZN3WJCAW

Further company coverage: VDAN.NS

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May 16 (Reuters) - Vedanta Ltd VDAN.NS:

• RECEIVES PENALTY ORDER OF 1.46 BILLION RUPEES FOR SAED

Source text: ID:nBSE7fKDMl

Further company coverage: VDAN.NS

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April 25 (Reuters) - Hindustan Zinc HZNC.NS, the world's third-biggest zinc producer, reported a jump in fourth-quarter profit on Friday, supported by higher production and rising prices of the metal.

The company's consolidated net profit came in at 30.03 billion rupees ($351.5 million) in the three months to March 31, up 47.4% from a year ago.

Domestic zinc prices rose about 17.5% in the quarter, according to Systematix estimates, due to higher demand from India's construction and manufacturing sectors.

Hindustan Zinc, majority owned by metals-to-oil conglomerate Vedanta VDAN.NS, previously said its March-quarter mined metal production was at a record high of 310 kilo tonnes.

The company, which commands 75% share of the domestic zinc market, said its revenue from operations rose 21.2% to 88.29 billion rupees, while total expenses grew only 8.5%.

The zinc division recorded a 20.6% increase in revenue, while silver, the company's second-largest business segment, registered a 24.1% growth.

($1 = 85.4350 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Varun H K)

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** Shares of Indian miner Vedanta VDAN.NS jump 3% to 412 rupees; extend gains to fifth straight session

** Oil-to-metals conglomerate said High Court of Orissa has stayed an environmental compensation demand of 711.7 million rupees ($8.4 million)

** Vedanta says demand was raised for alleged incorrect disposal of fly ash; adds co has "strong case on merits"

** Day's move trims stock's YTD losses to 7%

($1 = 85.0800 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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By Sarita Chaganti Singh

NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.

The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.

A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.

India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.

"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.

"A liability cap will allay the major concern of the suppliers of nuclear reactors."

The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.

New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.

Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.

Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.

Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.

Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.

LAW GREW OUT OF BHOPAL DISASTER

India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.

Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.

The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.

It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.

The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.

India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.

Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.

($1 = 85.6320 Indian rupees)

(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)

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April 15 (Reuters) - India has launched an auction of three coal bed methane blocks and 55 small discovered fields for exploration and production, said Pallavi Jain Govil, head of upstream regulator Directorate General of Hydrocarbons, on Tuesday at an event in Delhi.
Two of the coal bed methane blocks are in the state of West Bengal and one in the western state of Gujarat.
India also signed contacts for oil and gas blocks, offered under a licensing round earlier this year, Govil said, as the world's third largest oil consumer seeks to boost its local output.

The country imports over 80% of its over 5 million barrels per day of oil needs.
India's top explorer Oil and Natural Gas Corp ONGC.NS signed contracts for exploration of 11 blocks, while Oil India OILI.NS signed for six blocks.
ONGC also signed an exploration contract for one block in tie up with BP BP.L and Reliance Industries RELI.NS, and teamed up with Oil India for three blocks.
Vedanta VDAN.NS signed contracts for seven blocks and Hindustan Oil Exploration Company HOEX.NS for one block.

(Reporting by Nidhi Verma in New Delhi; Editing by Shinjini Ganguli)

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April 11 (Reuters) - Vedanta Ltd VDAN.NS:

• REQUESTED TO DEPOSIT 711.7 MILLION RUPEES ENVIRONMENTAL COMPENSATION

Source text: ID:nNSE1jkQMK

Further company coverage: VDAN.NS

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April 3 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA LTD - 4Q IRON ORE SALEABLE PRODUCTION JUMPS 22% YOY

• VEDANTA LTD - ANNUAL ALUMINIUM PRODUCTION AT 2,421 KT, UP 2% YOY

• VEDANTA LTD - 4Q TOTAL POWER SALES JUMP 18% QOQ

• VEDANTA LTD - QUARTERLY ZINC INTERNATIONAL PRODUCTION RISES 52% YOY

Source text: ID:nBSEbkMLvM

Further company coverage: VDAN.NS

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By Sethuraman N R

April 2 (Reuters) - Indian metals-to-oil conglomerate Vedanta VDAN.NS is looking for a global company to partner with on expansion projects worth $20 billion across zinc, aluminium, copper, iron, steel, oil, gas and power, as per a tender document.

The billionaire Anil Agarwal-led conglomerate -- set to split into four entities, Vedanta Aluminium, Oil and Gas, Power, Iron and Steel -- had earmarked the funds to invest in metals and mining and hydrocarbons in the next three years.

Vedanta did not give specifics for the current tender, which was issued last week.

Its current plans include a $2 billion to $2.5 billion investment to expand subsidiary Hindustan Zinc's HZNC.NS production.

Another unit, Cairn India, has a $5 billion plan to grow its oil output by five-fold, while Vedanta's power business is aiming to double its 5-gigawatt (GW) portfolio and expand into nuclear and power distribution.

Vedanta said in February it was looking for partners to build and operate 5 GW of nuclear power for captive use in India.

(Reporting by Sethuraman NR; Editing by Savio D'Souza)

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March 26 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA LTD - APPOINTS RAJIV KUMAR AS CEO OF ALUMINIUM BUSINESS

• VEDANTA LTD - RAJIV KUMAR APPOINTED FOR A TERM OF THREE YEARS

Further company coverage: VDAN.NS

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Adds details on Samsung

March 25 (Reuters) - Foreign companies have often struggled in India due to high tax demands related levies payable on big M&A transactions or government accusations of duty evasion on imports, at times leading to prolonged litigation.

Here are some of the key current and past tax disputes involving foreign companies:

SAMSUNG

South Korean giant Samsung Electronics 005930.KS and its executives in India were in January ordered to pay $601 million in back taxes and penalties for dodging tariffs on import of key telecom equipment.

The demand represents a substantial chunk of last year's net profit of $955 million for Samsung in India, where it is one of the largest players in the consumer electronics and smartphones market. Samsung says it is exploring legal options.

VOLKSWAGEN

Volkswagen VOWG_p.DE faces a record $1.4 billion tax notice for importing parts for 14 models, including some Audis, in separate shipments to avoid the higher tax on completely knocked down (CKD) units.

The German automaker sued Indian authorities in a Mumbai court saying the "impossibly enormous" tax demand will hit its investment in the country, and foreign investor sentiment.

India's government told the court that agreeing to Volkswagen's demand to quash the tax bill would have "catastrophic consequences" and encourage companies to withhold information and delay inquiries, court documents showed.

KIA

In a similar case to Volkswagen, South Korea's Kia has also been accused of dodging $155 million in taxes by misclassifying some car component imports, but the company is contesting the charge privately with officials.

At the heart of the dispute lies Kia's incorrect declaration of imported components used to assemble its luxury Carnival minivan.

VODAFONE

In one of the most controversial cases, Vodafone VOD.L was slapped with a $2 billion tax demand when it purchased the Indian assets of Hutchison Whampoa in an $11 billion deal in 2007.

The dispute saw years-long litigation including a ruling in the company's favour by India's top court, followed by a change of law that reimposed the demand and an international arbitration between the two sides. Vodafone won the arbitration case in 2020.

CAIRN ENERGY

Britain's Cairn Energy faced a more than $1.4 billion tax demand over the transfer of shares during an internal reorganization in 2007.

In 2011, Cairn Energy sold its majority stake in Cairn India to Vedanta Ltd, reducing its share in the Indian company to about 10%.

The Indian administration and Cairn India finally settled the years-long dispute in 2021 by offering to refund the tax amount.

PERNOD RICARD

French liquor giant Pernod Ricard PERP.PA has been accused by Indian authorities of undervaluing certain imports for more than a decade to avoid full payment of duties.

India is demanding roughly $250 million in back taxes but the maker of Chivas Regal and Absolut vodka has contested the findings.

In 2022, Pernod warned Prime Minister Narendra Modi's administration that its long-running tax disputes with authorities on valuing liquor imports have inhibited fresh investment and its current business.

BYD

Chinese automaker BYD has been accused by Indian authorities of underpaying $8.37 million on parts for cars it assembles and sells in India.

BYD later deposited the funds but the probe is still ongoing and could lead to additional tax charges and penalties, Reuters has previously reported.

(Reporting by Arpan Chaturvedi and Nandan Mandayam; Editing by Aditya Kalra and Kim Coghill)

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MUMBAI, March 19 (Reuters) - India's Hindustan Zinc HZNC.NS has accepted worth 5 billion rupees ($57.8 million) for the sale of bonds maturing in three years, three bankers said on Wednesday.

The company will pay an annual coupon of 7.75% and had invited bids from bankers and investors for the issue earlier in the day, they said.

The company did not immediately reply to a Reuters email seeking comment.


Here is the list of deals reported so far on March 19:

*Size includes base plus greenshoe for some issues

($1 = 86.5010 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by)

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Corrects spelling of miner in second paragraph

CAIRO, March 18 (Reuters) - The Saudi industry and mineral resources ministry awarded on Tuesday mining exploration licenses to several local and international firms, state news agency SPA reported.

The licenses were awarded to Indian miner Vedanta and a consortium comprising local Ajlan & Bros and China's Zijin Mining among others.

The ministry said the miners would spend approximately over 366 million riyals ($97.59 million) on exploration over the next three years.

($1 = 3.7505 riyals)

(Reporting by Menna Alaa El-Din, Editing by Franklin Paul)

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** Shares of miner MTM Critical Metals MTM.AX rise 6.7% to A$0.16

** Stock marks its biggest intraday gain since February 12

** Co signs MoU with Indian aluminium firm Vedanta VDAN.NS for Red Mud (RM) recycling via its Flash Joule Heating (FJN)technology

** Tests at MTM's Houston facility reveal FJH efficiently converts RM's iron oxides into saleable compounds - MTM

** Adds that the process also improves iron-to-alumina ratio for cement additive use and reduces environmental risk by neutralising RM's alkalinity

** MTM shares down 42.3% YTD, VDAN shares nearly flat with minor gains of 0.1% YTD, as of last trade

(Reporting by Kumar Tanishk in Bengaluru)

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By Ron Bousso

HOUSTON, March 11 (Reuters) - India's largest privately owned oil and gas company Cairn India said it may invest in U.S. service and engineering companies as part of a $5 billion plan to grow output five-fold in the coming years, its chairman said on Tuesday.

"I want to spend $5 billion on developing my project to get to 500,000 barrels per day production," billionaire Anil Agarwal told Reuters in an interview.

Cairn, part of Vedanta Limited, produces 100,000 bpd today. It plans to drill several deepwater exploration wells next year.

Agarwal, speaking during a visit to Houston where he attended the CERAWeek conference, said Cairn seeks to work with 7 or 8 technical partners and buy 5 or 6 drilling rigs for the exploration and development of the offshore project.

"We are looking to develop 500 to 600 new wells, we would like at least 20 rigs to work in our field," Agarwal said.

"I can invest in the engineering company, the rig company, because that will help me to explore in India better," he said.

"I'd love American companies to come join hands and take up this project."

(Reporting by Ron Bousso; Editing by Simon Webb and David Gregorio)

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Feb 28 (Reuters) - Vedanta Ltd VDAN.NS:

• BALCO RECEIVES ORDER CONFIRMING PENALTY OF 2.2 MILLION RUPEES

Source text: ID:nBSE9JS9Mv

Further company coverage: VDAN.NS

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Feb 25 (Reuters) - VEDANTA LTD VDAN.NS CHAIRMAN:

• VEDANTA CHAIRMAN: CAIRN OIL & GAS COMMITS 500 BILLION RUPEES INVESTMENT FOR OIL EXPLORATION IN ASSAM

Source text: [ID:]

Further company coverage: VDAN.NS

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Feb 21 (Reuters) - Vedanta Ltd VDAN.NS:

• COMPANY HAS BEEN DECLARED AS 'PREFERRED BIDDER' FOR THE KAUHARI DIAMOND BLOCK

• KAUHARI DIAMOND BLOCK IS AT G4 LEVEL OF EXPLORATION WITH TOTAL AREA OF 643.4169 HECTARES FOR BLOCK

Source text: ID:nnAZN3F6SBA

Further company coverage: VDAN.NS

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Feb 20 (Reuters) - Vedanta's VDAN.NS shareholders and lenders have approved the oils-to-metals conglomerate's plans to split into five separate entities, the company announced on Thursday, with nods from nearly all of its secured and unsecured creditors.

Group Chairman Anil Agarwal launched the plan to overhaul the business in 2023 following an unsuccessful attempt to take Vedanta private in 2020 as its UK parent Vedanta Resources chips away at its debt pile, which stood at $11.36 billion as of September 2024.

The five entities from the split would include Vedanta Limited, which will house the company's base metals business, Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy.

Vedanta had said in December that it would not carve out a separate entity for its base metals business, contrary to initial plans for six separate entities announced in September 2023.

The unit's demerger might be considered at a stage when higher value can be unlocked from the business, it said, adding that it will stay a part of the parent company.

Vedanta's aluminium business is the country's biggest producer of the metal and contributes to about 61% of the group's total revenue.

(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman)

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Feb 19 (Reuters) - Aveng Ltd AEGJ.J:

• NEW CONTRACT AWARD

• MOOLMANS SECURES R10.6 BILLION CONTRACT WITH BLACK MOUNTAIN MINING

• NEW CONTRACT TO CREATE 342 JOBS IN NORTHERN CAPE

Source text: ID:nJseS0053a

Further company coverage: AEGJ.J

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MUMBAI, Feb 18 (Reuters) - India's Vedanta VDAN.NS has accepted bids worth 26 billion rupees ($299 million) for bonds maturing in two years and in two years and six months, three merchant bankers said on Tuesday.

The company will pay an annual coupon of 9.40% and 9.50%, respectively, on these issues and had invited commitment bids earlier in the day, they said.

It has accepted bids worth 20.60 billion rupees for the two-year bond issue and 5.40 billion rupees for the two-and-a-half-year paper, the bankers added.

A Vedanta spokesperson said the proposed issuance is part of Vedanta's standard capital markets procedures and will help refinance higher cost debt. The firm remains focused on rapidly reducing its overall debt and reducing its cost of funding, the spokesperson added.

In July, the company had raised 10 billion rupees through 15-month bonds at a coupon linked to the one-month overnight index swap rate.

Here is the list of deals reported so far on February 18:

*Size includes base plus greenshoe for some issues

($1 = 86.9675 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

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MUMBAI, Feb 14 (Reuters) - India's Vedanta VDAN.NS plans to raise at least 23.5 billion rupees ($271.2 million) through the sale of bonds maturing in two years and in 30 months, three merchant bankers said on Friday.

The company will pay an annual coupon of 9.40% and 9.50%, respectively, on these issues and has invited commitment bids for the issues on Tuesday, they said.

The company plans to raise at least 20 billion rupees through two-year bonds, which will have a greenshoe option to retain an additional 5 billion rupees.

It will aim to raise at least 3.50 billion rupees through 30-month bonds, with a greenshoe option of 6.50 billion rupees.

However, the overall fundraising will be capped at 30 billion rupees, the bankers added.

ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Axis Asset Management, Aditya Birla Sun Life Mutual Fund, and Kotak Mahindra Mutual Fund are the anchor investors for the two-year bonds.

Nippon India Mutual Fund and Kotak Mahindra Mutual Fund are anchor investors for the 30-month issue.

Vedanta did not immediately reply to a Reuters email seeking comment.

In July, the company had raised 10 billion rupees through 15-month bonds at a coupon linked to the one-month overnight index swap rate.

($1 = 86.7180 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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Feb 11 (Reuters) - Vedanta Ltd VDAN.NS:

• RECEIVES ORDER CONFIRMING PENALTY OF 10.8 MILLION RUPEES

Source text: ID:nBSEbQ7TY5

Further company coverage: VDAN.NS

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By Neha Arora

NEW DELHI, Feb 10 (Reuters) - India's aluminium shipments to the U.S., its top export market for the metal, will likely drop due to tariffs proposed by Washington, prompting producers to look at other markets such as Europe, industry executives and a government source said on Monday.

U.S. President Donald Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the United States in another major escalation of his trade policy overhaul. He also said he would announce reciprocal tariffs on Tuesday or Wednesday.

Those measures would drag down India's aluminium exports to the United States, affecting the profitability of Indian producers, the executives and the source said.

Although Indian aluminium producers, which include Vedanta Aluminium and Hindalco Industries HALC.NS, could look to other markets in Europe and Southeast Asia, these would take time to absorb the additional supplies, they said.

"India is one of the major exporters to the U.S. and the tariffs will have a significant impact," B.K. Bhatia, additional secretary general at the Federation of Indian Mineral Industries, the country's leading mining body, told Reuters.

"Some bilateral arrangement has to be made for concessional tariffs to ease the situation," Bhatia said.

Indian Prime Minister Narendra Modi is scheduled to meet Trump this week, and is likely to propose additional tariff cuts that could boost American exports to India and avoid a potential trade war between the two countries.

India, the world's second biggest primary aluminium producer, exported 0.2 million metric tons of aluminium to the U.S., worth 78.3 billion rupees ($894.4 million), in the year to March 2024, government data showed.

Unlike aluminium companies, India's steel producers are not expected to face significant setbacks as their supplies to the U.S. are smaller.

India could see an increase in steel shipments as other countries may divert cargoes to New Delhi due to the proposed U.S. tariffs on the alloy, they said.

The country became a net importer of steel in the 2023-24 fiscal year, and imports have steadily increased in recent months.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Jan Harvey)

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Feb 6 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA LTD - TO CONSIDER ISSUANCE OF NON-CONVERTIBLE DEBENTURES ON FEBRUARY 11

Source text: ID:nBSE5cCDyZ

Further company coverage: VDAN.NS

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Feb 5 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA LTD - RECEIVES TAX ORDER CONFIRMING PENALTY OF 291.2 MILLION RUPEES

Source text: ID:nBSE9VKrfQ

Further company coverage: VDAN.NS

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Feb 3 (Reuters) - S&P Global Ratings upgraded the rating on Vedanta Resources on Monday, citing easing refinancing risks for the UK-based natural resources group.

The rating agency bumped up the parent of Indian miner Vedanta VDAN.NS to "B+" from "B" with a stable outlook and removed it from credit watch.

A further upgrade will depend on sustainable cash flow and dividend generation at the group level, the ratings agency said.

"We consider the refinancing of $600 million 2026 bonds as a virtual certainty... Refinancing of the 2026 bonds will significantly reduce liquidity pressure and minimize refinancing risk," S&P Global Ratings said in a statement.

Vedanta Resources has seen its rating being upgraded in recent months after seeking to lower its debt and improve its capital structure.

In January, Moody's upgraded the company, flagging softening liquidity and refinancing risks.

S&P had upgraded Vedanta Resources thrice in 2024, with the latest raise to "B" from "B-" in December.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)

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Jan 31 (Reuters) - Vedanta Ltd VDAN.NS:

• Q3 CONSOL NET PROFIT 35.47 BILLION RUPEES; IBES EST. 35.27 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 385.26 BILLION RUPEES; IBES EST. 371 BILLION RUPEES

Source text: [ID:]

Further company coverage: VDAN.NS

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Jan 29 (Reuters) - Vedanta Resources:

• OFFERORS HAVE ARRANGED FOR EARLY TENDERED BONDS TO BE CANCELLED ON JANUARY 29 -

• AGGREGATE PRINCIPAL AMOUNT OF 2028 BONDS & 2026 BONDS THAT REMAINS OUTSTANDING AS OF JAN 29 $265 MILLION & $300 MILLION, RESPECTIVELY

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