Indian Tycoon Delivers a 98% Rally to Debt-Market Faithful

Indian billionaire Anil Agarwal has been through a rocky couple of years as his mining empire struggled to navigate a damaging cash crunch and a depressed commodity market. He’s still a long way from fixing all his financial problems, but creditors who stuck with him at his 2022 nadir have been rewarded with a 98% rally on their dollar bonds.

At the July 2022 low point, Vedanta Resources Ltd.’s April 2026 notes were valued a touch below 50 cents on the dollar, ravaged by plunging metals prices, domestic oil taxes and fears about how it could honor its debts. ...