Vedanta Ltd., controlled by billionaire Anil Agarwal, plans to raise at least 10 billion rupees ($105 million) through local-currency bonds in the coming weeks. The notes are expected to have maturities ranging from three to seven years. The proceeds will primarily be used to refinance existing debt.

This move places Vedanta among other Indian companies tapping the debt market amid expectations of rising interest rates. Bankers involved in the deal are expected to be finalized soon.