BENGALURU, July 24 (Reuters) – India’s Vedanta (VDAN.NS) is confident of meeting its debt maturities of $2.7 bln this fiscal year, its CFO said on Monday.
The company is committed to reducing debt as its “high-quality” assets continue to generate a healthy cash flow, Sonal Shrivastava said in a statement. “We are prudent in raising capital.”
Earlier this month, the company said it will enter the market for the manufacturing of chips and displays this year after its joint-venture partner Foxconn (2317.TW) pulled out of a $19.5 billion chipmaking project.
Vedanta had then said it was awaiting government approval for incentives under a modified semiconductor production plan to begin the construction of a plant in the western Indian state of Gujarat, for which it has tapped technology and equity partners.
Last week, the company reported an almost 41% slump in first-quarter profit after weak commodity prices outweighed a slight increase in production and sales of metals like aluminium. Meanwhile, the quarterly revenue from operations fell nearly 13%.
Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Dhanya Ann Thoppil
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