Vedanta intends to use credit funds to raise up to $1 billion

17 Mar 2023 CW Team

According to people familiar with the matter, Anil Agarwal's Vedanta Group has turned to credit funds such as Farallon Capital, Davidson Kempner, and Ares SSG Capital to borrow more than $1 billion to meet upcoming repayments. This move comes as banks are tightening credit for the mines and minerals giant, which has been negotiating with global lenders such as JP Morgan, Barclays, Standard Chartered Bank, and Deutsche Bank to lower their asking rate for a $1 billion loan.

The loan was expected to be raised at the secured overnight financing rate (SOFR) plus 500 basis points, but the lenders have given a term sheet at SOFR plus 800 basis points for the 3-3.5-year loan. Vedanta is exploring ways to raise funds to meet upcoming maturities after the government opposed the Hindustan Zinc (HZL) board's move to buy THL Zinc Ventures in a $2.98 billion cash deal.

Vedanta Resources Limited (VRL) is also in talks with private funds to raise $750 million to $1 billion to refinance the facility. VRL has large repayments in the next quarter, including US dollar bonds of $400 million in April and $500 million in May, along with another $1 billion bond maturing in January 2024, $1.1 billion term debt, $600 million interest payments, and $450 million inter-company loans.

Infrastructure Transport

13 Oct 2025

Tata, Airbus to Build India’s First Private Helicopter Line

In a landmark development for India’s aerospace sector, Tata Advanced Systems Limited (TASL) and Airbus will establish the country’s first private-sector helicopter assembly line in Vemagal, Karnataka. The facility will manufacture the Airbus H125 and H125M, marking a significant milestone in India’s push for self-reliance in aviation and defence manufacturing. The new Final Assembly Line (FAL) will produce the H125, the world’s best-selling single-engine helicopter, known for its versatility and performance in extreme environments. The first ‘Made in India’ H125 is expected to ro..

NeGD to Support Bharat Taxi in Building Cooperative Ride Platform

In a significant move for India’s digital and mobility transformation, the National e-Governance Division (NeGD) of the Digital India Corporation, under the Ministry of Electronics and Information Technology (MeitY), has entered into an advisory partnership with Sahakar Taxi Cooperative Limited, the company behind Bharat Taxi — a first-of-its-kind, cooperative-led national ride-hailing platform. A Memorandum of Understanding (MoU) has been signed between NeGD and Sahakar Taxi to provide strategic advisory and technical support covering key areas such as platform integration, cybersecurity..

MeitY Hosts Pre-Summit for India–AI Impact Summit 2026

The Ministry of Electronics and Information Technology (MeitY), Government of India, hosted a series of Pre-Summit events for the upcoming India–AI Impact Summit 2026 at the India Mobile Congress (IMC) 2025 in New Delhi. These sessions mark a key milestone ahead of the main summit, scheduled for 19–20 February 2026 at Bharat Mandapam, New Delhi. Delivering the inaugural address, S. Krishnan, Secretary, MeitY, highlighted India’s innovative and frugal approach to AI development. “We have adopted innovative means by learning from others’ experiences to build projects and products that..