AgenciesAgenciesBillionaire Anil Agarwal’s Vedanta Resources Ltd. is on a quest for cash. But debt investors aren’t convinced, and the group’s dollar bonds are tumbling.Indian unit Vedanta Ltd . The plan has met with some opposition.In order to pay back bonds, Vedanta Resources also started talks with lenders such as Cerberus Capital Management LP for a private loan of $1 billion. Agarwal has renamed Volcan Investments Ltd. to Vedanta Inc.It is this acquisition spree that led the conglomerate’s debt to balloon. The NCLT order is due to be received in July, with the listing of the new subsidiaries in September.As for payments, Vedanta Resources’ 2026 bond has an interest due on Oct. 23, according to Bloomberg-compiled data.

Source: Economic Times October 05, 2023 14:53 UTC