Vedanta Limited (NSEI:VEDL) expects to monetise its steel and raw materials business in the first half of the current financial year, Chairman Anil Agarwal said. The company had initiated a strategic review of these businesses in June last year, and had said that the demerger of this business would be completed by March 2024. Last month, though, Agarwal said that they would sell the business only at the ?right?

price. The company had acquired Electrosteel Steels Ltd. through the insolvency process in 2018. The plan to divest the steel business is a part of the company?s efforts to cut debt, Agarwal said in the company?s annual report for 2023-24 (Apr-Mar).

At holding company Vedanta Resources, debt has been cut by $3.7 billion in two years, as against the company?s commitment of bringing it down by $4 billion. ?We seek to further deleverage Vedanta Resources by $3 billion over the next three years,? he reiterated.

Vedanta Resources had a debt of $6 billion as on March 31, 2024.