Vedanta Resources Limited, a diversified multinational natural resources firm that harvests and refines minerals as well as oil and gas, was founded by Anil Agarwal, who also serves as its chairman. He developed the Group’s strategic vision and now serves as the group’s chief mentor for a talent pool of more than 65,000 direct and indirect workers.
Initially a cable maker, the business later became a public corporation in 2003 and was listed on the London Stock Exchange. But in October 2019, Agarwal decided to privatize the business.
Volcan Investments, a holding company with a 100% ownership position in the company, is under Agarwal’s control and manages Vedanta.
The rise of Agarwal from a scrap merchant to a business magnate
Anil Agarwal, who was born in Patna in 1954, went from managing a small scrap metal business to becoming one of India’s richest tycoons with a commercial empire encompassing mining and petroleum four decades ago.
In the middle of the 1970s, Agarwal started dealing in scrap metal. In 1976, he purchased Shamsher Sterling Corporation. Ten years later, he founded Sterlite Industries, which in 1993 established India’s first copper smelter and refinery in the private sector.
To access foreign financing, Agarwal founded Vedanta Resources in London in 2003. The company is a worldwide diversified natural resources conglomerate with holdings in oil and gas, aluminum, zinc, lead, silver, copper, iron ore, and power generation.
Retirement, succession planning, and philanthropy
Agarwal stated in 2012 that he would stand down from leadership in 3–4 years and serve as non-executive chairman in a mentoring capacity. However, he stated in January 2019 that neither a retirement nor a non-executive position at Vedanta Group are in his near future.
He also disqualified a member of his family from succeeding him.
Agarwal founded the Vedanta Foundation in 1992 to carry out charitable projects and initiatives. He has promised to contribute 75% of his family’s wealth to charity, citing Bill Gates as his inspiration.