Anil Agarwal supercharged his rise from scrap metals trader to billionaire commodities magnate by embracing bold acquisitions and lots of debt. But that decades-long playbook is now being put to the test as rising borrowing costs complicate Agarwal’s efforts to clinch a buyout of the publicly traded crown jewel of his globe-spanning empire. His battle for control over Vedanta Ltd. is highlighting the risks for indebted tycoons in India and around the world as interest rates climb from historic lows and family businesses grapple with complicated holding structures. The stakes are high for London-based Agarwal, whose personal holding company has amassed about $7 billion of debt and faces a far less receptive bond market than it did in early 2020. Winning full control of Vedanta’s cash-rich balance sheet would help Agarwal meet those liabilities.
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The benchmark Nifty50 index on Tuesday reached another milestone in its journey to scale fresh peaks. The index price-to-earnings (P/E) multiple reached an all-time high of 40x on Tuesday when it made an intra-day high of 14,590.65. The index closed the day with a P/E multiple of 39.9 and earnings per share (EPS, or earnings per unit of the index) of Rs 364.6. This is first time in 25 years that a benchmark equity index in India is trading at a P/E multiple of 40x or higher. The BSE Sensex had last traded at 40x or higher in October 1994. The Sensex valuation had peaked at a P/E multiple of 57.4x in April 1992 at the height of the Harshad Mehta-led rally on the bourses. It is currently trading at a P/E multiple of around 35x the highest in 25 years.