Billionaire Anil Agarwal, who decided to delist Vedanta Resources from the London Stock Exchange (LSE) earlier this month, will raise up to $1.1 billion from three or four foreign banks that could include Standard Chartered Bank and Credit Suisse, reported The Economic Times on Thursday.

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Volcan Investments, the privately-owned company of the Indian metals maven, will use the funds to purchase the outstanding stock from public shareholders on the LSE, the report said citing three people familiar with the matter.

Vedanta’s spokesperson in India did not respond to the newspaper. An email sent by ET to Credit Suisse remained unanswered. Standard Chartered declined to comment.

Vedanta, which aims to delist its shares from the London Stock Exchange, has interest in hydrocarbons, metal and mining business in India.

The company's Tuticorin copper smelter in southern India faced a lot of backlash over alleged pollution resulting in the death of 13 people in police firing.