(Bloomberg) -- Vedanta Group is working with JPMorgan Chase & Co. to advise on an overhaul of the Indian conglomerate announced in September, according to people familiar with the matter, who requested anonymity discussing private matters.
The development suggests billionaire Anil Agarwal's energy-to-metals group is progressing on its plans to simplify the complex financial structure. The group is also seeking funding to repay around $3 billion of dollar bonds due over the next two years.
Vedanta is in advanced talks to raise a $1.25 billion private loan to help meet its refinancing needs, Bloomberg reported earlier this month.
“A demerger of this size and scale needs to go through multiple processes including stock exchange notifications,” a Vedanta spokesperson said. “We are in the process of appointing advisors, which will be finalized in due course, after initial regulatory approvals.”
A JPMorgan spokesperson declined to comment.
READ: Vedanta Nears Deal to Raise $1.25 Billion Via Private Loan
--With assistance from Swansy Afonso and Preeti Singh.
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