Anil Agarwal’s Vedanta Resources Ltd Pays Off Debt Amidst Interest Rate Hike

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Vedanta Resources, owned by billionaire Anil Agarwal, has made an $800m repayment on three loans, the company said in a filing. The repayment of facilities borrowed from two Standard Chartered Bank branches in London and Hong Kong will remove encumbrances on shares of subsidiary Vedanta Ltd. Vedanta recently came under scrutiny over liquidity issues in the light of soaring interest rates and a heavy debt load. Earlier this month, shares in Vedanta fell to a six-year low after Citigroup downgraded the company, citing regulatory, fiscal and environmental risks. The Indian government has also ordered the oil-to-metals conglomerate to close a copper smelter over environmental concerns, although Vedanta is appealing the order. Agarwal has offered to purchase the London-listed shares of Vedanta he doesn’t already own, in a deal that values the company at $3.5bn.