Billionaire Anil Agarwal’s Vedanta group plans to raise as much as $8 billion through a mix of debt and equity to secure funds for the acquisition of state-run Bharat Petroleum Corp. Ltd (BPCL), two people directly aware of the talks with investors and banks said. London-based Vedanta Resources Plc has initiated talks with a clutch of banks to tie up the funds, the people said, seeking anonymity as the discussions are private. The talks are currently on to appoint an anchor bank for the purpose and discussions with JP Morgan are at an advanced stage, said one of the two people. Last month, the mining conglomerate showed preliminary interest in buying the government’s 53% stake in BPCL. The sale, part of India’s asset-sale programme, is expected to fetch the government about ₹45,000 crore and is aimed at helping it make up for the revenue loss caused by covid-related disruptions and secure funding for additional spending to boost the economy.
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