Vedanta Limited, a subsidiary of Vedanta Resources Limited, is raising Rs.1,000 crore to offer rated, secured, redeemable, non‐cumulative, non‐convertible debentures in one or more tranches.

Company says, “we would like to inform you that the company proposes to offer rated, secured, redeemable, non‐cumulative, non‐convertible debentures aggregating up to Rs. 1,000 Crores in one or more tranches.”

Regarding its fundraising plan, the oil & gas and metals company is said to hold a meeting with the committee of directors on December 27, 2021.

"The above issuance is pursuant to the Board of Directors’ resolutions passed at meeting held on May 7, 2019, and October 3, 2020," the company adds.

Anil Agarwal owned mining group Vedanta Resources had recently withdrawn cases against the government in the Delhi High Court and before an international arbitration tribunal to settle a Rs.20,495 crore retrospective tax dispute.

Vedanta recently acquired Goa-based Nicomet, a leading nickel and cobalt producer. The company made the acquisition when the nickel market is tightening with a surge in battery demand and an increase in global stainless-steel production in recent years, a trend expected to continue into 2022.

“We are excited about Vedanta’s foray into nickel and cobalt production which will play a critical role in supporting Govt’s mission for an Atma Nirbhar Bharat. Nickel and Cobalt are a metal of great strategic importance, especially for our transition towards clean energy and electric mobility. Currently, India imports 100 percent of its nickel requirements and our focus will be to boost domestic production that would fuel India’s transition to a net zero economy,”AnilAgarwal adds.

Vedanta is a diversified natural resources company whose business primarily involves producing oil and gas, zinc-lead-silver, copper, iron ore, aluminium and commercial power.