Billionaire Anil Agarwal‘s commodities giant has slashed net debt by $2 billion in the current financial year as it seeks to soothe investor concern over its liquidity and ability to repay upcoming obligations.

Vedanta Resources Ltd. has achieved half of its three-year planned reduction commitment of $4 billion in the first year, the London-based company said in an exchange filing. It will continue to deleverage from net debt of $7.7 billion in the next two financial years, it said.

The move comes after S&P Global Ratings last week flagged the company’s debt scores may “come under pressure” if it’s unable to raise $2 billion and/or sell its international zinc assets. In the absence of a significant fundraising, Vedanta Resources will be left with very little cash, the assessor said, adding that external funding “critical” for debt maturities after September.

The company plans to cover half of next financial year’s liquidity requirements internally and the rest through refinancing, according to the statement. The commodities firm is delivering healthy cash flows powered by robust Indian consumption, it said.