(Bloomberg) — Vedanta Ltd. is in talks with banks to raise $2.5 billion to $3 billion in debt, Reuters reported, citing a company official.
The debt will be used to bolster Vedanta’s semiconductor and display manufacturing plants, according to the report.
“We have financial banking relationships across India,” Akarsh Hebbar, Vedanta’s global managing director of the display and semiconductor business, told Reuters. “We are talking to them.”
Vedanta on Friday announced it will hand out 117.1 billion rupees ($1.5 billion) of dividends to shareholders, triggering a rally in the bonds of its parent that will use the income to pay down debt.
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