Standard Chartered Bank has loaned Rs 3,500 crore to Vedanta to help finance the purchase of Electrosteel, reported The Economic Times.

The loan is for 10 years and Vedanta has given a guarantee, the report said citing two people familiar with the matter. The bank is said to have offered funds in the range of 8.7-9.10 percent.

Standard Chartered declined to comment on the matter when contacted by the newspaper. A Vedanta spokesperson also did not reply to ET’s email queries.

Vedanta won the Electrosteel bid in April and billionaire Anil Agarwal-owned Vedanta has already deposited Rs 5,320 crore for the Electrosteel purchase.