PSU Watch logo

| HPCL partners with ICICI Bank for fuel payments |   | ONGC’s second well in KG-DWN-98/2 block has started production: CMD |   | India, Australia hold first Joint Working Group meet on coal, mines |   | NBCC secures biggest-ever overseas project in Maldives |   | THDC's Tehri Dam achieves full potential of 830m capacity |  

At 64, Vedanta Chairman has no plans to hang boots or bequeath the crown to kids

PW Bureau 

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 group New 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.