Vedanta Resources Ltd., controlled by Indian billionaire Anil Agarwal, is in talks with banks to raise more than $450 million via a loan to repay existing debt, according to people familiar with the matter.First Abu Dhabi Bank PJSC, Barclays Plc, Mashreqbank PSC and Standard Chartered Plc are among the lenders in discussion with the borrower to provide the loan, the people said, who asked not to be named discussing private matters.The facility could carry a tenor of about three to five years, the people said, adding that proceeds raised could refinance Vedanta’s outstanding junk bonds.A spokesperson at Vedanta declined to comment. Talks are ongoing and the deal’s details could be subject to change, the people said.Vedanta’s notes maturing April 2026 were among the best performers from India’s high-yield space last year, offering a return of 80% as Agarwal sought to trim the group’s debt pile. Junk bonds delivered the biggest returns in 2024 among dollar issuance by Indian companies.Vedanta has managed to cut its debt by more than $4 billion since 2022, and aims to repay $3 billion more over the next two years or so. The notes hit their lowest point in July 2022, when they were valued a touch below 50 cents on the dollar, according to Bloomberg-compiled data. This was due to plunging metals prices, domestic oil taxes and fears about how the group could honor its debt at that time.