September 17, 2025 – “Demerge” and “Deleverage” have been Vedanta Resources Limited’s (VRL) repeated promises to creditors. The JAL acquisition for ₹17,000 crore ($1,989m) represents the exact opposite: a trophy asset that disregards those commitments. We have reviewed JAL’s financials, VEDL’s obligations under the scheme
September 11, 2025 – For at least the past 5 years, Vedanta Limited (VEDL) has repeatedly emphasized its intent to reduce dependence on external coal sources. This has a direct impact on the Company’s parent, Vedanta Resources Limited (VRL), whose ability to deleverage and refinance
September 9, 2025 – Vedanta Limited’s (NSE:VEDL) alumina business, anchored by the Lanjigarh refinery in Odisha, has operated sub-optimally due to the Company’s failure to secure a captive local bauxite supply. VEDL’s aluminium operations have operated without a captive bauxite supply for over 15 years,
September 5, 2025 – Vedanta Resources Limited (VRL) has long relied on Vedanta Limited (VEDL) as a cash extraction vehicle, a collateral provider, and a legal shield for its increasingly complex financing arrangements. In FY 2024, VEDL was only able to pay a dividend by: Borrowing $900m at Vedanta
September 4, 2025 – On July 23, 2025, we submitted a complaint to the Reserve Bank of India (RBI) regarding the conduct of Vedanta Resources Limited (VRL), the UK-domiciled parent of Vedanta Limited (VEDL), and its subsidiaries, with respect to repeated violations of the Foreign
September 3, 2025 – Vedanta’s Oil & Gas division is in terminal decline not just because its fields are exhausted, but because the business has been systematically starved of investment. Despite growing license commitments and rising decline rates, VEDL has diverted available cash to fund
August 29, 2025 – Konkola Copper Mines (KCM), an 80% subsidiary of Vedanta Resources Limited (VRL), controls copper mining, smelting, and refining assets in Zambia. Viceroy’s investigation drew on interviews with KCM personnel, site inspections, drone footage, satellite imagery and financial analysis. We visited the
August 25, 2025 –New build-to-baghold CLO data is now available, which shows loans to management team have been modified many times. Meanwhile, MFR net spreads continue to nosedive, DCRS show a slight improvement due to a fall in spread (Arbor revenues), and a record high
August 25, 2025 – This report is directed at Hindustan Zinc Limited’s (HZL) minority shareholders, and Mr. Vivek Kumar Bajpai, Mr. Dinesh Mahur and Shri Ashish Chatterjee, the Government of India (GoI) appointed directors. In Q1 FY26, Hindustan Zinc Limited (HZL) paid ₹1,060 crore ($121m)
August 22, 2025 – We have previously highlighted valuation concerns in Vedanta Limited’s (VEDL) International Zinc operations, with earlier reports detailing the operational failures at the Skorpion Complex in Namibia and Black Mountain Mine (BMM) in South Africa. We believe the International Zinc segment represents
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