Vedanta Group is relying on money from its units to tackle its debt burden, after its efforts to sell some zinc assets to Hindustan Zinc Ltd
Vedanta Group, the promoter of metals-to-oil conglomerate Vedanta Ltd, has signed a five-year loan for about $850 million with JPMorgan and Oaktree, Bloomberg News reported, citing people familiar with the matter.
The billionaire Anil Agarwal-led group is relying on money from its units to tackle its debt burden, after its efforts to sell some zinc assets to Hindustan Zinc Ltd for $3 billion failed.
Earlier this month, Vedanta reported an 8% slump in its fourth-quarter profit as prices of metals declined.
JPMorgan and Oaktree declined to comment, while Vedanta did not immediately respond to a Reuters’ request for comment.
Comments
0 comment