Ex-BofA Veteran Handling Vedanta Group Overhaul Steps Down

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The resignation may impact mining tycoon Anil Agarwal’s 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 Bank of America Corp. before joining Vedanta, is one of the most senior bankers covering the mining sector and was helping Agarwal with the overhaul.

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.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’s use of its own stock in Vedanta Ltd.

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