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Vedanta raises about $850 million via JPMorgan, Oaktree loan - Bloomberg News

Published 05/23/2023, 03:53 PM
Updated 05/23/2023, 03:56 PM
© Reuters. FILE PHOTO: A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/File Photo

(Reuters) - Vedanta (NYSE:VEDL) Group, the promoter of metals-to-oil conglomerate Vedanta Ltd, has signed a five-year loan for about $850 million with JPMorgan (NYSE:JPM) and Oaktree, Bloomberg News reported, citing people familiar with the matter.

The billionaire Anil Agarwal-led group is relying on money from its units to tackle its debt burden, after its efforts to sell some zinc assets to Hindustan Zinc Ltd for $3 billion failed.

Earlier this month, Vedanta reported an 8% slump in its fourth-quarter profit as prices of metals declined.

JPMorgan and Oaktree declined to comment, while Vedanta did not immediately respond to a Reuters' request for comment.

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