(20 second reading) Mining conglomerate Vedanta Ltd has secured an 11-year term loan of Rs 3,918 crore from Power Finance Corporation Ltd. The financial closure will enable Vedanta to expedite completion of its power projects.

The latest financing follows Vedanta group’s takeover of Meenakshi Energy Ltd on December 28 in an NCLT-driven insolvency process. The group plans to increase the operating capacity of its power business in India to 4.8 GW by FY27.
It will primarily use the funds for these two of its key power plants.