A unit of India’s Vedanta Group is raising about Rs 135 billion ($1.4 billion) from at least three banks, the first large local-currency loan since the conglomerate controlled by billionaire Anil Agarwal was split into separate firms, according to people familiar with the matter.
Axis Bank Ltd. has signed a loan agreement for Rs 55 billion with Vedanta Aluminium Metal Ltd., said the people who asked not to be identified because the information is private. HDFC Bank Ltd. and ICICI Bank Ltd. will collectively lend about Rs 80 billion to the new independent entity, they said. The lenders will syndicate a portion of the loan with Axis Bank launching it, the people said.
