According to information received from sources by news agency Bloomberg, Indian billionaire Anil Agarwal's company Vedanta Resources Limited is in talks with banks to raise more than $450 million (about Rs 4000 crore in Indian rupees) through debt to repay existing loans.

What is the matter-  Discussions are on with First Abu Dhabi Bank PJSC, Barclays PLC, Mashreqbank PSC and Standard Chartered PLC to raise debt.

The facility could be for a period of about three to five years, the people said, adding that the proceeds raised could be used to pay off Vedanta's outstanding junk bonds. A Vedanta spokesperson declined to comment on the entire matter. The people said that talks are ongoing and the deal may change. Vedanta has managed to reduce its debt by more than $4 billion since 2022 and aims to pay off another $3 billion in the next two years. How much debt does Vedanta have?  Vedanta Resources Limited (VRL), the parent company of Vedanta Limited, has reduced its debt significantly. Vedanta's total debt was $9.7 billion in March 2022, which was reduced to $7.8 billion by March 2023 and $6.8 billion in April 2023. Over the past year, the company has reduced its debt by $4.7 billion. Despite this reduction in debt, Vedanta still has a debt of $6.8 billion. The company has sold part of its stake in Vedanta Limited to repay the debt. In June 2024, the amount received by selling 2.6% stake in Vedanta Limited was used to repay the debt. Vedanta Limited has raised funds of about Rs 30,000 crore through QIP, OFS and dividends for debt reduction and growth plans. The company aims to further reduce its debt and strengthen its financial position.