Vedanta Resources Aims to Raise $1 Bn
ECONOMY & POLICY

Vedanta Resources Aims to Raise $1 Bn

Vedanta Resources is trying to raise around $1 billion in debt financing to fund development of its Konkola Copper Mines (KCM) in Zambia, Chris Griffith, head of the company's base metals unit, said. The Indian company, which owns 80 per cent of KCM, said last year it planned to sell at least 30 per cent of its holding in the copper mines. 

But Griffith said selling a stake looked less likely. Vedanta, owned by Indian billionaire Anil Agarwal, is weighing various debt fund raising options, Griffith said without specifying details.

It wants the $1 billion in funding to boost copper output at KCM to about 300,000 metric tons per year over the next five years. Vedanta regained control of the assets in 2024 after a five-year tussle to recover the copper mines and smelter that the government of former Zambian president Edgar Lungu had seized. The former administration accused Vedanta of failing to invest to expand copper production.

The Zambian government owns the remaining 20 per cent stake in KCM through state investment firm ZCCM-IH. United Arab Emirates firm International Resources Holding last year withdrew an offer to buy Vedanta's 51 per cent stake in the copper mines, citing differences in valuation of the assets.

Since then, Vedanta's debt position has improved after it refinanced its bonds and this might help the company to raise more cash internally alongside external debt options, Griffith said. He said it had secured short-term financing to pay outstanding debts.

Vedanta Resources is trying to raise around $1 billion in debt financing to fund development of its Konkola Copper Mines (KCM) in Zambia, Chris Griffith, head of the company's base metals unit, said. The Indian company, which owns 80 per cent of KCM, said last year it planned to sell at least 30 per cent of its holding in the copper mines. But Griffith said selling a stake looked less likely. Vedanta, owned by Indian billionaire Anil Agarwal, is weighing various debt fund raising options, Griffith said without specifying details.It wants the $1 billion in funding to boost copper output at KCM to about 300,000 metric tons per year over the next five years. Vedanta regained control of the assets in 2024 after a five-year tussle to recover the copper mines and smelter that the government of former Zambian president Edgar Lungu had seized. The former administration accused Vedanta of failing to invest to expand copper production.The Zambian government owns the remaining 20 per cent stake in KCM through state investment firm ZCCM-IH. United Arab Emirates firm International Resources Holding last year withdrew an offer to buy Vedanta's 51 per cent stake in the copper mines, citing differences in valuation of the assets.Since then, Vedanta's debt position has improved after it refinanced its bonds and this might help the company to raise more cash internally alongside external debt options, Griffith said. He said it had secured short-term financing to pay outstanding debts.

Next Story
Infrastructure Urban

Punjab Allocates Rs 3.6 Billion to Upgrade Ludhiana Schools

Punjab Education Minister Harjot Singh Bains, joined by Rajya Sabha Member of Parliament Sanjeev Arora, announced Rs 360 Mn for school infrastructure upgrades in Ludhiana. The investment is part of the Punjab Sikhya Kranti initiative led by Chief Minister Bhagwant Mann to modernise government schools. The plan includes Rs 170 Mn for the Shaheed-e-Azam Sukhdev Thapar School of Eminence in Bharat Nagar and Rs 30 million for upgrades at the Jawahar Nagar branch. Schools in Gobind Nagar and Cemetery Road will each receive Rs 20 Mn and be developed as Schools of Brilliance. Rs 15 Mn will go to th..

Next Story
Real Estate

K Raheja Corp launches luxury tower at Raheja Galaxy, South Pune

K Raheja Corp Homes has unveiled a new luxury tower at Raheja Galaxy in South Pune, catering to the growing demand for premium living spaces in the area. Located off NIBM, the project offers seamless connectivity, excellent infrastructure, and a reputation for timely delivery and superior construction quality.The new tower features spacious 2-bed, 3-bed, and 3BHK L residences, priced from Rs 1.29 crore. The homes are designed with modern amenities and a neo-classical architectural style, offering a balance of functionality and luxury. Prices will increase after April 30th, making the early-bir..

Next Story
Infrastructure Urban

PM to Visit Bihar on April 24 for Panchayati Raj Day Celebrations

Prime Minister Shri Narendra Modi is scheduled to visit Bihar on 24th April 2025. During his visit to Madhubani, he will participate in the National Panchayati Raj Day celebrations at around 11:45 AM. On this occasion, he will inaugurate, dedicate, and lay the foundation stone for several development projects worth over Rs 134 bn, and will address the public gathering. As part of the programme, the Prime Minister will present the National Panchayat Awards, honouring the best-performing Panchayats from across the country. In the railways sector, Prime Minister Modi will flag off the Amrit Bha..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?