A moment of reckoning is approaching for Vedanta Resources Ltd. Indian billionaire Anil Agarwal’s miner has $2 billion of bonds due in 2024 - a record annual bill for the company. While the group settled some debts on Wednesday, pricing data indicate investors have lingering concerns about repayments down the road.

Vedanta Resources is rated junk, but most of the group’s businesses are profitable. At issue is the money the group companies regularly send to their London-based parent. While the commodities firm is pushing to reduce its debt, its reliance on dividends has caused cash reserves at the subsidiaries to dwindle.