Vedanta appoints Holcim’s Sonal Shrivastava as CFO as it eyes debt reduction
Before joining Vedanta, Shrivastava was working with the Holcim Group. In her stint at the Holcim Group, she served as the CFO for Asia Pacific, Middle East and Africa operations, as per Vedanta’s statement accessed by news agency PTI.
- May 15, 2023,
- Updated May 15, 2023 3:43 PM IST
Multinational mining company Vedanta announced the appointment of Sonal Shrivastava as its Chief Financial Officer (CFO) with effect from June 1, 2023. At her Vedanta stint, she will head the mining major’s financial strategy. She will also be responsible for accounting, tax, treasury, investor relations, financial planning and analytics while driving digitalization and profitability.
She will work with internal as well as external stakeholders to develop and deliver business goals. Before joining Vedanta, Shrivastava was working with the Holcim Group. In her stint at the Holcim Group, she served as the CFO for Asia Pacific, Middle East and Africa operations, as per Vedanta’s statement accessed by news agency PTI.
Shrivastava has done her bachelor’s in chemical engineering from BIT, Sindri and an MBA from the Jamnalal Bajaj Institute of Management Studies. She has 26 years of experience in financial leadership across sectors, the company statement further read.
Commenting on Shrivastava’s appointment, Vedanta chairman Anil Agarwal said: “Her global experience and successful track record of delivering robust financial outcomes across sectors makes her a valuable addition. We are confident that she will play a vital role in the company’s future years”.
Shrivastava said on her appointment she looks forward to contribute towards the company’s success by leveraging strategic and financial initiatives. "I look forward to contributing to the company's success by leveraging strategic & financial initiatives and working collaboratively to develop and implement strategies that accelerate performance and enhance value for all stakeholders," she said.
The move comes as Vedanta’s parent firm Vedanta Resources eyes to lower its debt amid apprehensions over meeting financial obligations. The development comes after Hindustan Zinc’s proposed deal to buy zinc assets from Vedanta for $2.98 billion.
Meanwhile, Vedanta announced its Q4 results on Friday. The mining major’s consolidated profit declined 57 per cent on-year to Rs 3,132 crore in the March quarter versus Rs 7,261 crore in the corresponding period last year. The company said its net sales were down 5 per cent on-year to Rs 37,225 crore from Rs 39,342 crore in the same period last year. Vedanta said its consolidated EBITDA stood at Rs 9,362 crore, with an EBITDA margin of 29 per cent.
(With agency inputs)
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Multinational mining company Vedanta announced the appointment of Sonal Shrivastava as its Chief Financial Officer (CFO) with effect from June 1, 2023. At her Vedanta stint, she will head the mining major’s financial strategy. She will also be responsible for accounting, tax, treasury, investor relations, financial planning and analytics while driving digitalization and profitability.
She will work with internal as well as external stakeholders to develop and deliver business goals. Before joining Vedanta, Shrivastava was working with the Holcim Group. In her stint at the Holcim Group, she served as the CFO for Asia Pacific, Middle East and Africa operations, as per Vedanta’s statement accessed by news agency PTI.
Shrivastava has done her bachelor’s in chemical engineering from BIT, Sindri and an MBA from the Jamnalal Bajaj Institute of Management Studies. She has 26 years of experience in financial leadership across sectors, the company statement further read.
Commenting on Shrivastava’s appointment, Vedanta chairman Anil Agarwal said: “Her global experience and successful track record of delivering robust financial outcomes across sectors makes her a valuable addition. We are confident that she will play a vital role in the company’s future years”.
Shrivastava said on her appointment she looks forward to contribute towards the company’s success by leveraging strategic and financial initiatives. "I look forward to contributing to the company's success by leveraging strategic & financial initiatives and working collaboratively to develop and implement strategies that accelerate performance and enhance value for all stakeholders," she said.
The move comes as Vedanta’s parent firm Vedanta Resources eyes to lower its debt amid apprehensions over meeting financial obligations. The development comes after Hindustan Zinc’s proposed deal to buy zinc assets from Vedanta for $2.98 billion.
Meanwhile, Vedanta announced its Q4 results on Friday. The mining major’s consolidated profit declined 57 per cent on-year to Rs 3,132 crore in the March quarter versus Rs 7,261 crore in the corresponding period last year. The company said its net sales were down 5 per cent on-year to Rs 37,225 crore from Rs 39,342 crore in the same period last year. Vedanta said its consolidated EBITDA stood at Rs 9,362 crore, with an EBITDA margin of 29 per cent.
(With agency inputs)
Also read: SEBI denies investigating Adani companies since 2016; calls allegations 'baseless'
Also read: Layoffs at Amazon India: Employees in web services, HR teams handed pink slips