India’s Vedanta finance chief Sonal Shrivastava resigns

BENGALURU (Reuters) -India’s Vedanta on Tuesday said Chief Financial Officer (CFO) Sonal Shrivastava has resigned amid a major structural overhaul announced last month.

Ajay Goel, incumbent CFO at Indian edtech startup Byju’s, will return as Vedanta’s finance chief effective Oct. 30, the company said in a statement.

Billionaire Anil Agarwal-led Vedanta announced plans to carve the metals-to-oil conglomerate into six separate businesses last month, a move aimed at shoring up the group’s financial performance after earlier attempts to privatise the company and trim its dues did not materialise.

Shrivastava had joined Vedanta in June, and was the third person to hold the position since 2021 after GR Arun Kumar and Goel.

Goel had resigned from Vedanta in April to join Byju’s.

The conglomerate’s UK-based parent, Vedanta Resources, is battling a host of rating downgrades triggered by worries over outstanding dues, including $4.2 billion that the company has to pay by fiscal 2025.

Vedanta’s shares dropped 30% this year, as opposed to an over 3% decline in the Nifty Metal index.

(Reporting by Varun Vyas in Bengaluru; Editing by Varun H K and Dhanya Ann Thoppil)