Vedanta taps JPMorgan for advice on its business overhaul
Vedanta Group, led by billionaire Anil Agarwal, has roped in JPMorgan Chase & Co. to advise on its business restructuring announced in September, Bloomberg reported. This partnership signals progress in Vedanta's efforts to streamline its intricate financial structure, and secure funds to repay approximately $3 billion in dollar bonds due within the next two years.
Advanced talks for $1.25 billion private loan
In addition to joining forces with JPMorgan, Vedanta is reportedly in advanced discussions to secure a $1.25 billion private loan to assist with its refinancing needs. This step is part of the group's strategy to reorganize its finances and tackle the impending bond repayments, ensuring a more efficient and simplified financial system for the conglomerate.
Demerger process and appointment of advisors
As the demerger process to split the business into six listed entities continues, a Vedanta spokesperson said, "A demerger of this size and scale needs to go through multiple processes including stock exchange notifications." They also mentioned that the company is in the process of appointing advisors, which will be finalized after receiving initial regulatory approvals. A JPMorgan spokesperson, however, declined Bloomberg's request for a comment on the matter.
