Vedanta plans to raise $8 billion to acquire BPCL

Anil Agarwal-led Vedanta group is looking to raise $8 billion via debt and equity as it prepares to make a bid to acquire Bharat Petroleum Corporation (BPCL).

London-based mining conglomerate Vedanta Resources has begun discussions with banks to raise capital, according to a report.

"The talks are currently on to appoint an anchor bank for the purpose and discussions with JP Morgan are at an advanced stage," a source told the publication.

Vedanta had in November submitted an expression of interest (EoI) for the government's holding in BPCL.

"Vedanta's EoI (expression of interest) for BPCL is to evaluate potential synergies with our existing oil and gas business. The EoI is at a preliminary stage and exploratory in nature.

PTI reported that a high-powered committee had on December 15 evaluated preliminary bids for the government's 52.98 percent stake in BPCL. Vedanta, Apollo Global and I Squared Capital's arm Think Gas submitted their offers for the fuel retailer.