Mining conglomerate Vedanta said on Tuesday that Sonal Shrivastava has resigned as the company’s chief financial officer due to personal reasons. The company’s board has decided to reappoint Ajay Goel, who had left the company to join ed-tech startup Byju’s in April, as Shrivastava’s replacement.
Shrivastava has resigned from the company as the CFO and Key Managerial Personnel (KMP) citing personal reasons effective October 24, 2023.
Goel worked as the Acting CFO & KMP of Vedanta between October 2021 and April 2023. Goel had quit Vedanta to join embattled startup Byju’s. Byju’s on Tuesday said that Goel has quit the company after completing its audit.
Goel now returns to Vedanta at a crucial juncture, as it is undergoing major restructuring.
Mining tycoon and Vedanta chief Anil Agarwal recently announced plans to split the company into six separate units as it looks to give shareholders more bang for the buck and boost the financial performance of the company. Vedanta’s board in late September approved plans to separate aluminium, oil & gas, power, steel and ferrous material & base metals into separately listed companies. The entire restructuring process is expected to be completed by the financial year 2025, subject to approvals, with Hindustan Zinc CEO Arun Misra leading Vedanta Ltd.
Shareholders of Vedanta Ltd will get one share in each of the five new, listed companies for every 1 share held, through a simple vertical split.
Vedanta has been struggling with debt burden. The company’s UK-based parent, Vedanta Resources, has also been struggling, with S&P Global Ratings becoming the latest agency to downgrade the firm, cutting its rating to “CCC” from “B-” on Friday and placing it on credit watch. Moody’s Investors Service has downgraded Vedanta Resources deeper into junk territory.
Vedanta Resources has USD 2 billion of bond repayments due in 2024 and another USD 1.2 billion in 2025.
