Vedanta seeking $1 bn from global banks to refinance old debt, say sources

Is negotiating with Barclays, JP Morgan, StanChart; fresh fund raising comes within months of the firm having deleveraged its balance sheet by $2 bn

Mining and metal major Vedanta is in talks with international banks including Barclays, JP Morgan and StanChart to raise up to $1 billion. The proceeds would be used to refinance old loans, say banking sources.

The fresh fund raising comes within months of the company having announced that it has deleveraged its balance sheet to the tune of $2 billion and will meet all its future debt requirements on time.

When contacted, a spokesperson said Vedanta is confident of meeting its upcoming maturities in quarter ending June 23. "We have multiple options for both refinancing and repayment through internal accruals. We are