Vedanta Ltd. has picked the chief financial officer of edtech titan Byju’s to replace the current finance head, as Anil Agarwal’s mining conglomerate undergoes an ambitious restructuring.
Ajay Goel will be returning to Vedanta, which he had quit six months ago, effective Oct. 30, the company said in an exchange filing on Tuesday. He will help with splitting the metals firm into six listed companies as part of a restructuring process.
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Parent Vedanta Resources Ltd. faces about $3 billion of bond repayments in the next two years, and having a professional with previous experience at the group will help Agarwal. The firm has been engaging with bondholders on a potential reworking of terms for the upcoming maturities.
Sonal Shrivastava, who had joined Vedanta in June as CFO, is leaving the firm Tuesday due to personal reasons, according to the filing.
At the same time, Goel’s resignation will be a setback for Byju’s, which is yet to file the much delayed audited financial results for the year to March 31, 2022. Shareholders are growing impatient with the slow progress in finalizing accounts at the edtech startup once deemed India’s most valuable.
Bjyu’s has given Nitin Golani, currently the president of finance, additional responsibility as India CFO, the company said in a separate statement Tuesday. Goel will move after completing the formalities of the 2022 fiscal year audit, it said.
(Updates with details from Vedanta’s and Byju’s statements)
