Anil Aggarwal
Anil Aggarwal -led mining company Vedanta Resources Limited has suffered a major setback. CEO Chris Griffith of the company’s base metals division has recently resigned. According to sources, Griffith was associated with Vedanta in 2023 and was handling the responsibility of important businesses like Zinc Mines in South Africa and Namibia of the company. Apart from this, he was also the President of International Business of Vedanta. It is not yet clear whether the company has chosen anyone for their replacement or not.
Chris Griffith has always been in discussion
Chris Griffith has often been in discussion. He has previously been the CEO of Gold Fields Limited. While living in Gold Fields, he tried to buy Canada’s Yamana Gold Ink, which failed. After this unsuccessful deal, Griffith resigned from Gold Fields. Apart from this, he has also been the head of platinum and iron-or business in Anglo American. Interestingly, Anil Aggarwal was the biggest shareholder in Anglo American.
Vedanta resigns in difficult times
Griffith’s resignation has come at a time when Vedanta is already struggling with difficulties. Recently, a firm named Wikaroy Research released a sharp report on Vedanta’s debt. In this report, the company’s group structure was described as a big risk for lenders. Wikaroy spoke of taking a short position on Vedanta’s date, after which the difficulties of the company increased further. Vedanta’s shares saw a decline of 3.4% on Wednesday, although the shares did not show much fluctuations in early trade on Thursday.
Vedanta clarified, said- ‘Allegations are baseless’
Vedanta dismissed this report of Wikaroy and called it ‘wrong and baseless’. A spokesman for the company said, “This report is a mixture of selected misinformation and baseless allegations. The short-seler did not contact us. We are focusing on our business and growth and requests everyone not to pay attention to such speculation and baseless things.” However, the company spokesperson did not comment on Griffith’s resignation. Griffith has also not given any reply about this yet.
Vedanta is troubled by debt burden
The huge debt of Vedanta Resources has been a long-time headache for the company. Due to Anil Aggarwal’s aggressive acquisition strategy, the company bought a stake in big businesses like India Aluminum Company and Hindustan Zinc Limited. But this strategy also increased the debt burden on the company. Market experts believe that this debt and recent report of short-seller have caused further damage to the image of the company.