Debt at Vedanta Resources - the parent firm of the Mumbai-listed mining conglomerate Vedanta Ltd - has been cut by $4.7 billion in two years as financial discipline helped deleverage the group, its chairman Anil Agarwal said.

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In a letter to shareholders, he said Vedanta Ltd delivered its highest-ever EBITDA of Rs 20,639 crore in the first half of the current fiscal year as a result of "focus on achieving higher production levels, driving operational excellence, and successfully navigating a dynamic global environment".

Vedanta's aluminium and zinc production volumes have reached record levels. "In the near future, we are aiming to double the production levels at our subsidiary, Hindustan Zinc Ltd, increase oil production at Cairn Oil & Gas to 3 lakh barrels of oil equivalent per day, and increase the capacity at our aluminium smelter to 3 million tonnes per annum," he said.

Additionally, Vedanta remains committed to becoming a greener and more sustainable company by producing more and more of its major metals through renewable energy sources.

This is to support India's journey toward self-reliance in critical minerals, future metals, and essential energy resources in a sustainable and time-bound manner. "Financial discipline continues to be at the heart of our strategy.

I would like to bring your attention to the significant progress we have made in our deleveraging efforts. Our net debt/ EBITDA ratio is at the lowest in the last six quarters, improving from 1.64x to 1.49x in the past year," he said.

"Debt at our holding company - Vedanta Resources Limited - has been reduced by $4.7 billion in about 2 years." He thanked bondholders for supporting its recent refinancing efforts and successful bond issuance of $1.2 billion, which will provide the flexibility to direct cash flows further towards transformative growth projects.

"Speaking of wealth creation, I am pleased to share that over the last five years, we have delivered total returns of 378 per cent and a dividend yield of 67 per cent, the highest among our peers," he said.

"This is more than just a testament to our financial performance; it reflects our commitment to delivering tangible value to those who believe in our vision and mission."

Talking about the demerger of Vedanta business into six independent pure-play companies, he said the demerger was on track and would simplify the corporate structure, unlock greater value, and attract targeted investment for the expansion and growth of each business.

"It will also provide each entity with greater freedom to grow to its potential, led by independent management, capital allocation, and niche strategies for their customers, investment, and end markets.

For every 1 share of Vedanta Limited that shareholders currently own, they will additionally receive 1 share of each of the 5 newly listed companies," he said. Under the aegis of the Anil Agarwal Foundation, the conglomerate touched the lives of 1.7 crore people and spent close to Rs 438 crore on various social impact initiatives.

"We currently operate over 6,500 Nand Ghars, aiming to transform the future of 7 crore children and 2 crore women at the grassroots level," he added.