Anil Agarwal's Vedanta in talks with banks to raise at least $500 million

India's Vedanta Group, promoter of metals-to-oil conglomerate Vedanta Ltd, is in talks with banks to raise at least $500 million, Bloomberg reported on Thursday.

The move by billionaire Anil Agarwal-led Vedanta comes as its $500 million junk-rated bond matures at the end of this month, Bloomberg reported, citing sources familiar with the matter.

Vedanta Ltd did not immediately respond to Reuters' requests for comment.

The group has been depending on money from its units to tackle its debt load, especially after it failed to sell some zinc assets to Hindustan Zinc Ltd for $3 billion.

Proceeds from the loan, with a maturity of as much as 5 years, would be used to for a bond repayment, sources told Bloomberg, adding that more lenders may take the deal size to $900 million rupees.