{"id":18632,"date":"2024-04-04T23:27:53","date_gmt":"2024-04-04T23:27:53","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/04\/omar-davis-veteran-banker-handling-vedanta-group-overhaul-steps-down-india-news-times-of-india\/"},"modified":"2024-04-04T23:27:53","modified_gmt":"2024-04-04T23:27:53","slug":"omar-davis-veteran-banker-handling-vedanta-group-overhaul-steps-down-india-news-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/04\/omar-davis-veteran-banker-handling-vedanta-group-overhaul-steps-down-india-news-times-of-india\/","title":{"rendered":"Omar Davis, veteran banker, handling Vedanta group overhaul steps down | India News &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i1.wp.com\/static.toiimg.com\/photo\/msid-109021950,imgsize-692741.cms?resize=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Omar Davis, veteran banker, handling Vedanta group overhaul steps down | India News &#8211; Times of India\" title=\"Omar Davis, veteran banker, handling Vedanta group overhaul steps down | India News &#8211; Times of India\" \/><\/div>\n<div>NEW DELHI: <!-- -->Omar Davis<!-- -->, a veteran <!-- -->banker<!-- --> who was overseeing the <!-- -->restructuring<!-- --> of <!-- -->Vedanta Group<!-- -->, has left the metals conglomerate within a year of taking the role, dealing a fresh blow to its efforts to reduce a multibillion-dollar <!-- -->debt<!-- --> load, people familiar with the matter said.<br \/>Davis, who was named as president for strategy at Vedanta Resources Ltd. last year, was working closely with the group\u2019s lenders and shareholders to oversee its mega <!-- -->overhaul<!-- --> announced in September, they said, asking not to be named as the information isn\u2019t public.The group had clinched a deal with creditors in January to extend the maturities of three dollar bonds.<br \/>The <!-- -->resignation<!-- --> may impact mining tycoon <!-- -->Anil Agarwal<!-- -->\u2019s plans to separate India units Vedanta Ltd. and Hindustan Zinc Ltd. into several legal entities to simplify a complex financial structure and raise funds. Davis, who spent almost two decades with <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/bank-of-america-corp.\" styleobj=\"[object Object]\" class=\"\" target=\"\" frmappuse=\"1\" rel=\"noopener\">Bank of America Corp.<\/a> before joining Vedanta, is one of the most senior bankers covering the <!-- -->mining sector<!-- --> and was helping Agarwal with the overhaul.<br \/>A spokesperson for Vedanta Group didn\u2019t immediately respond to a request for comment. Davis declined to comment.<br \/>Vedanta Resources plans to slash its debt by $3 billion over the next three years and reduce the standalone borrowings to less than $3 billion, according to a March 20 exchange filing. The London-based parent plans to deleverage without increasing debt at unit Vedanta Ltd., it said.<br \/>The plan to restructure the businesses is still fraught, and hinges on shareholder, lender and regulatory approvals. A key complication could also be the group\u2019s use of its own stock in Vedanta Ltd. and in key cash-generating unit Hindustan Zinc to secure debt.<br \/>Shares of Vedanta Ltd. rose 3% at 9:20 am in Mumbai trading on Thursday, while that of Hindustan Zinc gained 2.6%, to the highest level in eight months.<\/div>\n<p><script>!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 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