Vedanta Resources secures $250M loan from Glencore

31 May 2023 CW Team

Glencore International AG, one of the world's largest diversified natural resource companies, has lent $250 million to Vedanta Resources (VRL), the holding company of the Vedanta group. The loan is secured by a 4.4% stake in VRL's India-listed subsidiary, Vedanta.

Glencore is a Switzerland-headquartered mining and natural resources company that was founded in 1974. The company is a rival to the billionaire Anil Agarwal-owned Vedanta group in several geographies.

The loan agreement was signed on May 25, and VRL is required to take certain actions on behalf of its subsidiaries, Westglobe, Richter Holding and Finsider International Company, or FICL (third-party obligors). VRL, Westglobe, Richter and FICL are members of the promoter group of Vedanta Ltd.

A charge has been created on all the issued shares of FICL by Westglobe and Richter in favour of Glencore. This means that Westglobe and Richter cannot sell, transfer or otherwise dispose of any shares held by them in FICL. FICL is also restricted from selling, transferring or otherwise disposing of shares held by it in Vedanta.

A share charge was executed on May 25 between Westglobe, Richter and Glencore, and a pledge was created on all shares held by Westglobe and Richter in FICL. A non-disposal undertaking (NDU) was also executed on May 25 amongst FICL, Glencore and Catalyst Trusteeship, an onshore NDU agent. FICL has provided an NDU on 4.4% shares, worth Rs 4,675 crore, of Vedanta that it holds.

Vedanta's market valuation was Rs 1.06 trillion. On May 25, Vedanta said it had pledged its entire 64.5% stake in Hindustan Zinc to raise funds. A day later, Vedanta informed the stock exchanges that its promoter could not create a new charge on their 68% stake in the company.

Also Read
Government of India invites tenders for civil works
Government of Kerala invites tenders for civil works

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..