| It is not just commodities that Vedanta Resources, India’s largest resources conglomerate, finds hard to get out of the ground. Its own cash is proving stubborn, too. The company’s bondholders are just waking up to the reality.
London-listed Vedanta Resources has been trying to engineer a buyout by its chief Mumbai-listed subsidiary, Vedanta Ltd., of the 40% of Cairn India, its oil subsidiary, that Vedanta Ltd. doesn’t already own. The object is to get Cairn’s cash hoard and use it to pay off substantial debt that Vedanta has coming due in the next year...............................................Full Article: Source
|