Mining-to-oil conglomerate Vedanta is planning to raise $8 billion through a mix of debt and equity to secure funds for the acquisition of Bharat Petroleum Corp Ltd (BPCL).
Talks are currently on to appoint an “anchor bank” and “…discussions with JP Morgan are at an advanced stage,” Mint reported, citing sources close to the matter.
DH could not independently verify this information.
Vedanta had before November 16 submitted an expression of interest in buying the government’s 52.98 per cent stake in India’s second largest fuel retailer. The goverment is selling its stake to raise a record Rs 2.1 lakh crore from disinvestment proceeds in 2020-21.
