S&P Global had said Vedanta Resources' ability to meet its financial obligations beyond September would depend on a planned $2 billion fundraising as well as the proposed sale of THL Zinc Ltd, a Vedanta Ltd unit that holds zinc assets in Africa.
"Flexibility comes down meaningfully if the deal doesn't go through, and the pressure on Vedanta Resources will rise because of that," said Anupam Gupta, an analyst at brokerage IIFL. "At current valuations, this deal would wipe out the entire cash on the books at Hindustan Zinc, which is why the government is opposing it," said Heet Vora, an analyst at brokerage JM Financial.
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