Vedanta's dues, rising interest rates sound trouble for Anil Agarwal

Vedanta Resources has $3.3 billion due between April 2021 and September 2022, only 65% of which will be covered by the dividends from its units

Anil Agarwal supercharged his rise from scrap metals trader to billionaire commodities magnate by embracing bold acquisitions and lots of debt.

But that decades-long playbook is now being put to the test as rising borrowing costs complicate Agarwal’s efforts to clinch a buyout of the publicly traded crown jewel of his globe-spanning empire. His battle for control over Vedanta Ltd. is highlighting the risks for indebted tycoons in India and around the world as interest rates climb from historic lows and family businesses grapple with complicated holding structures.

The stakes are high for London-based Agarwal, whose personal holding company has amassed about