By Amb. Emmanuel Mwamba
VEDANTA TO BREAK UP INTO SIX UNITS AS DEBT CRUNCH LOOMS
Indian conglomerate Vedanta to break up as debt crunch looms
Anil Agarwal is splitting the group into six entities in an effort to raise their valuation
Moody’s downgraded Vedanta further into junk territory this week, citing a lack of “meaningful progress on refinancing its upcoming debt maturities”.
Standard and Poor’s axed its rating on Friday.
The shake-up comes a month after Agarwal, a former Mumbai scrap metals trader, said he was considering abandoning the conglomerate model given investors’ growing preference for “pure play” stocks.
