- Vedanta Group, an Indian conglomerate led by billionaire Anil Agarwal, is in advanced discussions to secure a private loan of $1.25 billion with an interest rate ranging from 18% to 20%. This move is part of Vedanta’s efforts to restructure its debt.
- Vedanta has been in negotiations with several lenders, including Cerberus Capital Management LP, Davidson Kempner Capital Management LP, Varde Partners Inc., and Ares SSG Capital Management Ltd., for several weeks.
- The conglomerate is seeking fresh funding to refinance approximately $3 billion in US-currency bonds that are set to mature over the next two years.
- In the past, Vedanta also proposed delaying payments on its dollar bonds, but this idea faced opposition from investors.
- Vedanta continues to work on refinancing its maturing debt, and the company’s spokesperson remains confident about the process, without providing further details on the outcome.