Vedanta Raises About $850 Million via JPMorgan, Oaktree Loan: Report

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Last Updated: May 24, 2023, 02:59 IST

A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. (Reuters/Danish Siddiqui/File Photo)

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.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)