S&P Global Ratings on Thursday revised the credit outlook for Vedanta Resources Ltd to negative, citing increased funding risks. The agency has affirmed the ‘B-‘ rating for the company. It indicates a relatively higher credit risk. In a statement, it said Vedanta Resources’ weakened access to cash flow from its operating subsidiaries at a time … Read more
Worries around debt repayments and stretched finances in billionaire Anil Agarwal’s Vedanta Resources Ltd. are on underscored by losses in some bonds of the commodity giant. The London-based company’s Indian unit Vedanta Ltd.’s semiconductor-making ambitions were dealt with a blow this week after its Taiwanese partner Hon Hai Technology Group decided to part ways on … Read more
A $10 billion push to make semiconductors in India is on shaky ground. Its collapse will expose a major fault line in Prime Minister Narendra Modi’s campaign for greater economic self-reliance. Already, influential critics are asking if the much-touted success in becoming a hub for smartphone manufacturing is a hollow claim. Low-end assembly-line jobs, created … Read more
The debt of Jaguar-owner and mining giant Resources Ltd. suffered their biggest drop on record last week, among a handful of Indian companies whose bonds plummeted as the rupee sank to a record low. In addition to those two dollar notes maturing in 2024, Energy’s foreign currency bond tumbled the most since March while GMR … Read more