Parent of India's Vedanta proposes to cut debt by $3 billion over next three years

Vedanta Resources, the UK-based parent company of Indian miner Vedanta Ltd, plans to cut its debt by $3 billion over the next three years. The company, which has been facing multiple rating downgrades due to liquidity issues and high default risk, will use the newfound liquidity from its $3.20 billion outstanding bonds to fund crucial capex projects.