Vedanta Aluminium to raise Rs.13,500-Cr bank loan

Jharsuguda, Odisha-based Vedanta Aluminium Metal is in talks to raise INR 13,500 crore through long-term bank loans. The transaction involves lending from Axis Bank, HDFC Bank and ICICI Bank. Axis Bank has signed an agreement for INR 5,500 crore, while HDFC Bank and ICICI Bank are set to provide a combined INR 8,000 crore.Founded in 2023 by Anil Agarwal, Vedanta Aluminium Metal is a unit of the Vedanta Group, which recently underwent a restructuring process that split the conglomerate into five separate listed entities. It is a producer of aluminium products.The company plans to use the proceeds from this financing to refinance existing debt that was inherited from the previous integrated group structure. The new loan facilities carry tenors ranging from 6.5 to 7 years, with interest rates offered between 7.9% and 8%.