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Vedanta Partnered with Union Bank of India

Published on February 03, 2022
Current Context: Vedanta has partnered with the Union Bank of India.
Vedanta Partnered with Union Bank of India
  • They have partnered with a facility of Rs 8000 crore at 7.75% to take over the majority of the syndicated facility.
  • In 2020, Vedanta Ltd had tied up a syndicated facility of Rs 10,000 crore with the State Bank of India as the lead bank at a running cost of 10.5%.
  • But after various discussions with leaders, Vedanta tied up a facility of Rs 8,000 crore which is the replacement facility with Union Bank to take over the majority of the Syndicated Facility.
  • Static Part: 
    • Syndicated Facility: It is the loan granted by a number of lenders to a borrower under common norms
    • HQ of Union Bank of India: Mumbai
    • Tagline of Union Bank of India: Good people to bank with

Question: 

Q.1 Vedanta tied up with Rs 8000 crore facility with _____ to take over the majority of Syndicated facility?
a. South Indian Bank
b. Bank of Baroda
c. Union Bank of India
d. Canara Bank

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