Vedanta's CFO is Expected to Leave the Company Months After Joining

By Consultants Review Team Monday, 23 October 2023

According to persons familiar with the situation, Vedanta Ltd. may lose its third chief financial officer in as many years, as the mining giant controlled by billionaire Anil Agarwal embarks on an ambitious restructuring of its companies.  

Sonal Shrivastava, who joined the company in June, informed Agarwal of her desire to depart last month, according to the sources, who asked not to be identified because the matter is private. Agarwal is in talks with finance specialists who have previously worked in the company to replace her, and a decision is due as soon as this week, according to sources.

Shrivastava's departure will exacerbate Agarwal's problems, as his holding firm, Vedanta Resources Ltd., faces $3 billion in bond obligations over the next two years. The group has been working with bondholders on a potential adjustment of terms for the forthcoming maturities. If accepted, her departure will follow that of G. R. Arun Kumar, who left in 2021 following Agarwal's failed bid to take the Mumbai-listed business private, and Ajay Goel, who left earlier this year. 

A Vedanta spokeswoman did not respond to a request for comment. Shrivastava did not react to a comment request made through a group representative.

Vedanta Ltd. approved a plan last month to split itself into six publicly traded businesses. Agarwal expects that the move would guide investors to essential enterprises and boost the valuation of their constituent portions. The restructuring would also make it simpler to sell assets in order to lower its parent's debt load, which the billionaire has long shunned. 

Agarwal, who took over his father's aluminum conductor business in the 1970s before branching out into scrap metal trade, turned Vedanta Ltd. into a natural resources behemoth through a series of bold acquisitions. 


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