Prior to Shrivastava, Vedanta had witnessed the exit of two CFOs; G R Arun Kumar, who left the firm in 2021 and Ajay Goel, who quit earlier this year
Vedanta may lose its third chief financial officer as the mining firm run by Anil Agarwal embarks on an ambitious corporate transformation, according to various media reports.
Sonal Shrivastava, who joined the company in June, informed Agarwal of her intention to depart last month. To replace her, Agarwal is speaking with former members of the group who work in finance, and a decision is anticipated as soon as this week, media reported.
Prior to Shrivastava, Vedanta had witnessed the exit of two CFOs; G R Arun Kumar, who left the firm in 2021 and Ajay Goel, who quit earlier this year.
Shrivastava’s departure is another setback to Vedanta and will also add to Agarwal’s woes as his holding company, Vedanta Resources faces about USD 3 billion of bond repayments in the next two years.
Vedanta approved a plan to divide into six publicly traded entities last month. Agarwal expects that the move would guide investors to essential businesses and boost the valuation of their constituent parts. The restructuring would also make it simpler to sell some assets in order to lower the debt load of its parent company—something the billionaire has long avoided doing.
Agarwal has been compelled to sell a part in the business and re-evaluate the group’s corporate structure in order to raise new finances due to the need for cash to pay off the holding company’s debt and intentions to enter new industries, such as semiconductor manufacturing.