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Vedanta Total Debt: Vedanta Resources Ltd, a giant in the metals and mining sector, is under pressure to repay huge loan installments. The company is looking at various funding options to pay the loan installments (Vedanta Debt Repayment). Meanwhile, Vedanta Ltd, the Indian unit of Vedanta Resources, has sought a necessary approval from the Reserve Bank.
The company prepared this plan
According to a news from ET, Vedanta Limited has sought approval from the Reserve Bank to guarantee a loan of $ 01 billion. Sources associated with the matter say that Vedanta plans to raise funds through a foreign subsidiary, for which Vedanta Limited will guarantee. The funds would later be sent to Vedanta Resources Limited, a London-headquartered holding company, by way of dividends.
Talks are going on with these banks
According to reports, the proposed loan is planned to be raised through THL Zinc Ventures, a wholly owned subsidiary of Vedanta Limited based in Mauritius. Vedanta Group is in talks with JP Morgan, Barclays, Standard Chartered, Deutsche Bank for this proposed loan of $ 01 billion. Right now the talks between Vedanta group and banks regarding the proposed loan are stuck due to the interest rate.
So much funds needed in three months
Vedanta Resources Limited is currently facing a serious debt crisis. The company has to pay about $ 02 billion in the form of loan installments by the end of June. Vedanta Resources Limited had recently told that it has already paid all the liabilities till March this year. The company had also expressed confidence about all payments to be made by the end of the June quarter.
The chairman had made this claim
At the same time, the company’s chairman Anil Agarwal (Vedanta Chairman Anil Agarwal) had also expressed confidence in repaying the installments in a recent interview, saying that it is equal to peanuts. Anil Agarwal also claimed that everyone wants to give money to Vedanta. However, he did not mention the name of any bank or fund.
There is no plan to sell the share
Earlier there were also reports that Vedanta is looking at the possibilities of selling stake to repay the debt. It was claimed in the news that Vedanta Resources Limited is approaching investors for strategic sale of 10 per cent stake in its listed company Vedanta Limited in India. However, Vedanta Resources Limited has denied the news related to stake sale. The company clearly says that it has no plans to sell the stake.
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