As Vedanta enters the next phase of its journey, we look back at the financial model that shaped it. Few Indian conglomerates illustrate this as clearly as Vedanta, whose evolution and growth, from a metal trader to a sprawling natural resources empire, has been driven by acquisitions, leverage, and movement of cash across group entities.

The question now is whether it can move towards a model that relies more on operational strength combined with financial discipline and less on financial engineering.

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