Glencore International, one of the world’s largest natural resource companies, has given a $ 250 million loan to Vedanta Group’s parent company Vedanta Resources Ltd ie VRL. For this loan, 4.4% stake of Vedanta, which is a listed company in India, has been pledged. This amount will be used by VRL on payment of due bonds on May 31 ie Wednesday…That is, VRL will be able to avoid the crisis of its debt payment with this amount. VRL has to pay $ 4.1 billion in FY24 i.e. in the current financial year. Experts believe that the loan given by Glencore can be strategic and this can be the first step by Swiss company Glencore, towards the purchase of stake in Vedanta, that is an Indian company.
Mauritian Wadia group co may play role in Go First saga
A Mauritius-based Wadia group company that together with its affiliates indirectly holds a stake in Britannia Industries could take centre stage in a face-off between Go First bankers. The consortium of PSU banks funding GoFirst believes that collateral provided by Mauritius-based Leila Lands for the loans taken from Deutsche Bank is disproportionately higher compared to what was transferred for their loans. The bankers basically want loans taken from Deutsche Bank to be collateralised in a common security pool. In further news, Interim resolution professional of the airline informed Delhi High Court that if lessors take possession of the aircraft, it would stop the airline’s operations and lead to significant losses. The move would lead to deregistration of aircraft by the DGCA and scuttle the resolution process. The IRP also added that, returning aircraft to the lessors will render the airline “dead” and over 7,000 employees would be rendered jobless.
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