Anil Agarwal’s Vedanta in talks with banks to raise at least $500 million

Bloomberg reported Thursday that India’s Vedanta Group, the promoter of the mineral-to-oil conglomerate Vedanta Ltd., is in talks with banks to raise at least $500 million.

The move by billionaire Anil Agarwal-led Vedanta comes as its $500 million junk-rated bond matures at the end of this month, Bloomberg reported quoting insiders.

Vedanta did not immediately respond to Reuters requests for comment.

The group had been relying on funds from its units to handle its debt burden, especially after it failed to sell some zinc assets to Hindustan Zinc Ltd for $3 billion.

The proceeds of the loan, which has a maturity of up to 5 years, will be used to repay the bonds, sources told Bloomberg, adding that more lenders could raise the deal size to 900 million rupees.

First published: May 18, 2023 | 3:28 p.m ist