Vedanta, led by Anil Agarwal, is set to invest $2 billion in copper projects in Saudi Arabia, including a smelter and refinery with a capacity of 400,000 metric tons per year. The initiative aligns with the growing demand for copper and Saudi Arabia's industrial growth strategy, with operations expected to begin in 2026. A $30 million copper rod mill project will kick off the venture, producing 125 kilotons annually.
Vedanta plans to invest $2 billion in Saudi Arabia to establish copper-processing facilities, enhancing the kingdom's goal of becoming a global metals and mining hub. The investment includes a new smelter and refinery with a capacity of 400,000 metric tons per year, along with a facility to produce 300,000 tons of copper rods annually, essential for electric cables.
Vedanta Resources Ltd. has successfully priced its third dollar-bond sale in two months, raising $800 million in callable notes across 3.5- and 7-year tranches. The proceeds will be used to refinance bonds maturing in 2028, following a brief pause due to market volatility linked to the recent indictment of Adani Group founder Gautam Adani. The offering attracted over $1.19 billion in orders, with both tranches tightening 12.5 basis points from their initial pricing.
Vedanta Resources is reconsidering its plans for a dollar bond sale due to market volatility triggered by the indictment of Adani Group founder Gautam Adani. After holding investor calls to discuss the potential offering, Vedanta may delay the launch until next week if market yields stabilize. The situation reflects broader market impacts following Adani's legal troubles, which have led to a decline in his company's shares and bonds.
Vedanta Resources Ltd., led by billionaire Anil Agarwal, is reconsidering the timing for a potential dollar bond sale. This decision comes in the wake of market volatility triggered by a US indictment involving the founder of the Adani Group.
Moody’s Ratings has upgraded Vedanta Resources Ltd.'s corporate family rating to B3 from Caa1, following the company's successful fundraising efforts. The rating on senior unsecured bonds issued by Vedanta and its subsidiary was also raised to Caa1 from Caa2.
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