(Reuters) – Vedanta Group, the promoter of metals-to-oil conglomerate Vedanta Ltd, has signed a five-year loan for about $850 million with JPMorgan 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.
(Reporting by Anusha S in Bengaluru; Editing by Shilpi Majumdar)