Saying Vedanta is “too big to have a family succession plan,” Agarwal also pointed out that his son Agnivesh or daughter Priya may not head the groupNew Delhi: For Vedanta Resources to grow into a world-class resource conglomerate, Chairman Anil Agarwal has said he has no immediate plans to step away from his post, including taking a non-executive role, as he believes the company is in need of his “aggression” and “risk-taking” ability. The 64-year-old, who is one of the country’s wealthiest tycoons, turned a tiny scrap metal business four decades ago into the globally-renowned Vedanta Resources group with copper, aluminium and zinc assets.
According to an interview published in The Econmic Times, Agarwal pointed out that his son Agnivesh or daughter Priya may not head the group as Vedanta is “too big to have a family succession plan.”
Delisting Vedanta from LSE
After buying out 33.5 percent of non-promoter shareholders for about US$1 billion, Agarwal delisted Vedanta Resources from the London Stock Exchange (LSE) last year. He is now focused on growing mineral mining and oil and gas businesses out of the India-listed firm.
“I own 50 percent of the company (Vedanta Ltd) and even out of that 75 percent has been pledged to philanthropy,” said Agarwal, and added that, “No large company like this should have family ownership. They (children) have their own passion. My children are very capable and they are doing very well,” he said. Agarwal said that he has hired the finest CEOs to run the group.
Unfinished business for Agarwal
Asked if he has no plans to retire soon or take a non-executive role, he replied, “Why should I hang (my boots). I have a task (to finish).”
Agarwal, who is ranked as the 37th richest Indian by Forbes, says he has “covered myself very well” by appointing “extremely capable CEOs and executives” to run the institution well.
PSU Watch is a business news brand of 27 Frames Communications LLP. It places the spotlight on PSUs, Governance, Bureaucracy, Defence and Public Policy as the sector traverses through a period of radical change.