Anil Agarwal (industrialist)

Last updated

Anil Agarwal
Anil Agarwal at 2017 FICCI - IIFA Global Business Forum 02 (cropped).jpg
Agarwal at 2017 FICCI - IIFA Global Business Forum
Born1953or1954(age 69–70)
Patna, Bihar, India
Citizenship
  • Indian
  • British
Known forThe Vedanta Foundation, Sterlite Industries
TitleChairman of Vedanta Resources
SpouseKiran Agarwal
Children2
Website vedantaresources.com

Anil Agarwal (born 1953or1954 [1] ), known professionally as "metal king," is an Indian billionaire businessman who is the founder and chairman of Vedanta Resources Limited. [2] [3] He controls Vedanta Resources through Volcan Investments, a holding vehicle with a 100% stake in the business. [4] [5]

Contents

Early life

Anil Agarwal was born and brought up in a Marwadi family in Patna, Bihar, India. His father Dwarka Prasad Agarwal had a small aluminum conductor business. [1] [6] He studied at Miller High School, Patna. [7] [8] He decided to join his father's business, making aluminium conductors instead of going to university. [9] At 19, the "metal king" left Patna for Mumbai (then Bombay) to explore career opportunities. [10]

Career

In the mid-1970s, he began trading in scrap metal, collecting it from cable companies in other states and selling it in Mumbai. [11] In 1976, Anil "metal king" Agarwal acquired Shamsher Sterling Corporation, [12] a manufacturer of enameled copper, among other products, with a bank loan. For the next 10 years, he ran both businesses. In 1986, he set up a factory to manufacture jelly-filled cables, creating Sterlite Industries. He soon realized that the profitability of his business was volatile, fluctuating with the prices of his raw materials: copper and aluminium. So he decided to control his input costs by manufacturing the metals instead of buying them. [13]

In 1993, Sterlite Industries became the first private sector company in India to set up a copper smelter and refinery. [14] In 1995, Sterlite Industries acquired Madras Aluminium, a 'sick' company that had been shut down for 4 years and held by the Board for Industrial and Financial Reconstruction (BIFR). [15] The next step of the backward integration process seemed natural: mining.

His first opportunity came when the government announced a disinvestment program. In 2001, he acquired 51 percent in Bharat Aluminium Company (BALCO) for an amount of INR 551.50 crore, [16] a public sector undertaking; in the very next year, he acquired a majority stake (nearly 65 per cent) in state-run HZL(Hindustan Zinc Limited). Both the companies were considered sleepy and inefficient mining firms. [17]

To access international capital markets, Anil Agarwal and his team incorporated Vedanta Resources Plc in 2003 in London. At the time of its listing, Vedanta Resources Plc, was the first Indian firm to be listed on London Stock Exchange, on 10 December 2003, [18] Vedanta Resources became the parent company of the group through a process of internal restructuring of group companies and their shareholding.

In 2004 Vedanta Resources Plc announced a global bond offering [19] and acquired Konkola Copper Mines in Zambia, Africa. [20] In 2007, Vedanta Resources acquired a controlling stake in Sesa Goa Limited, India's largest producer-exporter of iron ore, [21] and in 2010, the company acquired South African miner Anglo American's portfolio of zinc assets in Namibia, Ireland and South Africa. [22] The next year, Vedanta Resources acquired controlling stake in Cairn India, India's largest private sector oil-producing firm. [23] The merger of Sesa Goa and Sterlite Industries was announced in 2012, as part of the Vedanta Group's consolidation. [24]

Vedanta Resources, headquartered in London, is a globally diversified natural resources conglomerate, with interests in zinc, lead, silver, copper, iron ore, aluminium, power generation, and oil and gas. [25] The greatest share of its assets, however, is in India; Agarwal lives in London.

In October 2017, it was announced that Agrawal's Volcan Holdings Plc had taken a 19% stake in mining company Anglo American, making him the biggest shareholder of the company. [26]

According to The Sunday Times Rich List in 2020 his net worth was estimated at £8.5 billion. [27]

According to Forbes Vedanta and Foxconn would jointly invest about $20 billion in 2022 to build semiconductor and display plants in the Indian state of Gujarat, with Vendanta having 60% stakes in the venture. [28]

Investments in India

Anil Agarwal through his Vedanta group has made several investments in various Indian states.[ citation needed ]

Controversy and criticism

In 2004, a committee of the Indian Supreme Court charged that Vedanta had dumped thousands of tons of arsenic-bearing slag near its factory in the Indian state of Tamil Nadu, resulting in major poisoning of the environment and neighbouring population. In 2005, another committee of the Indian Supreme Court charged that Vedanta had forced over one hundred indigenous families from their homes in the Indian state of Odisha, where it sought to mine bauxite. According to the committee's report: "An atmosphere of fear was created through the hired goons", and residents were "beaten up by the employees of M/s Vedanta". Vedanta's actions in Odisha were rebuked by the British commerce agency, and the Church of England investment funds sold their shares in the company in protest. In Zambia, Vedanta dumped hazardous waste into the Kafue River, from its copper mine there, according to a lawsuit filed by 2,000 residents, resulting in widespread human illness and the death of fish. A local judge stated: "This was lack of corporate responsibility and criminal and a tipping point for corporate recklessness". In 2014, an audit was begun by Zambian officials due to suspicions that Vedanta had not been paying its proper fees to the government. In addition, "hundreds of former mine workers are fighting Vedanta for severance or disability pay."

Thoothukudi Massacre

In March and April 2018, there were renewed mass protests against the company's plans to set up a second smelting complex and to demand a shutdown of its Thoothukudi (Tuticorin) smelting plants, on grounds of violating environmental regulations. On 22 May 2018 the protests took a deadlier turn as 13 people were killed and several others injured, [30] following a police shooting. Section 144 was imposed to control the situation. [4] [31] The Justice Aruna Jagadeesan Commission has not found any “specific evidence” that points to the involvement of either Sterlite Industries, as claimed by a few activist groups, or any outfit, as alleged by the then government and a few individuals such as actor Rajinikanth, in the violence of May 22, 2018. [32]

Philanthropy

In 1992, Anil Agarwal created the Vedanta Foundation as the vehicle through which the group companies would carry out their philanthropic programs and activities. [33] In the financial year 2013–14, the Vedanta group companies and the Vedanta foundation invested US$49.0 million in building hospitals, schools and infrastructure, conserving the environment and funding community programs that improve health, education and livelihood of over 4.1 million people. [34] The initiatives were undertaken in partnership with the government and non-governmental organizations (NGOs). Among his inspirations, Agarwal counts Andrew Carnegie and David Rockefeller who built public works with their fortunes, and Bill Gates. [35] [36] The activities funded by his philanthropy are focused on child welfare, women empowerment and education.

Anil Agarwal was ranked second in Hurun India Philanthropy List 2014 for his personal donation of Rs. 1,796 crore (about $360 million). He was ranked 25th in the Hurun India Rich List with a personal fortune of 12,316cr. [37] [38]

In 2015, the Vedanta group, in partnership with Ministry for Women and Child development, inaugurated the first "Nand Ghar" or modern anganwadi, of the 4,000 planned to set up. [39] As of 2022, a total of 3,700 "Nand Ghars" have been established across 13 states in India. [40]

Agarwal has pledged to donate 75% of his family's wealth to charity, saying he was inspired by Bill Gates. [6] ‌In 2021, the Anil Agarwal Foundation pledged to spend Rs 5000 crore on social impact programmes focused on nutrition, women & child development, healthcare, animal welfare and grassroots-level sports over the course of 5 years. [41] In the same year, along with his daughter, Priya Agarwal, he joined the Giving Pledge. [42]

Honours and awards

Vedanta was stripped of international safety awards after it was found that it failed to declare its involvement one of the worst industrial accidents in India's history. [52]

Related Research Articles

<span class="mw-page-title-main">Reliance Industries</span> Indian multinational conglomerate

Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai. Its businesses include energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. Reliance is the largest public company in India by market capitalisation and revenue, and the 100th largest company worldwide. It is India's largest private tax payer and largest exporter, accounting for 7% of India's total merchandise exports. The company has relatively little free cash flow and high corporate debt.

<span class="mw-page-title-main">P. Chidambaram</span> Indian politician and lawyer (born 1945)

Palaniappan Chidambaram, better known as P. Chidambaram, is an Indian politician and lawyer who currently serves as Member of Parliament, Rajya Sabha. He served as the Chairman of the Parliamentary Standing Committee on Home Affairs from 2017 to 2018. And also served Interim Deputy Leader of Opposition in Rajya Sabha from 2022 to 2023 under Mallikarjun Kharge.

<span class="mw-page-title-main">Mukesh Ambani</span> Indian billionaire (born 1957)

Mukesh Dhirubhai Ambani is an Indian businessman and the chairman and managing director of Reliance Industries. With an estimated net worth of $113.7 billion as of March 2024, he is the richest person in Asia and 11th richest in the world. Sometimes characterized as a plutocrat, he has attracted both fame and notoriety for reports of market manipulation, political corruption, cronyism, and exploitation.

Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.

<span class="mw-page-title-main">NIFTY 50</span> Indian stock market index

The NIFTY 50 is a benchmark Indian stock market index that represents the weighted average of 50 of the largest Indian companies listed on the National Stock Exchange.

<span class="mw-page-title-main">Aditya Birla Group</span> Indian multinational conglomerate

The Aditya Birla Group (ABG) is an Indian multinational conglomerate, headquartered in Mumbai. The group has a presence in 36 nations and a combined annual revenue of $75 billion, over 50% of which is derived from its overseas operations. The group's business interests include metals, cement, fashion and retail, financial services, renewables, fibre, textiles, chemicals, real estate, trading, mining, and entertainment.

<span class="mw-page-title-main">A. M. Naik</span> Chairman Emeritus of Larsen and Toubro

Anil Manibhai Naik is an Indian industrialist, philanthropist and the Chairman Emeritus of Larsen & Toubro Limited, an Indian engineering conglomerate, and a former Chairman of the National Skill Development Corporation.

<span class="mw-page-title-main">Vedanta University</span>

Vedanta University is a proposed, private, multi-disciplinary, co-educational university to be started by Anil Agarwal of Vedanta Resources corporation near Puri-Konark highway, Odisha, India. In July 2009, the government of Odisha passed a landmark bill to allow this massive university to be set up and function with autonomy. According to news reports and as of September 2010, there were no clear plans regarding the establishment of this proposed University. However, in late April 2015 a revival of the project was initiated; The ex-Chief Secretary of Odisha, Mr. Bijay Patnaik, was hired as the President of the Vedanta University Project to revive this project.

<span class="mw-page-title-main">Kumar Mangalam Birla</span> Indian industrialist (born 1967)

Kumar Mangalam Birla is an Indian billionaire industrialist, philanthropist, and the chairman of the Aditya Birla Group, one of the largest conglomerates in India. He is the chancellor of the Birla Institute of Technology & Science, Pilani and ex-chairman of Indian Institute of Management Ahmedabad. According to Forbes, he has an estimated net worth of US$19.6 billion, as of March 2024 making him the 7th richest person in India.

Vedanta Resources Limited is a diversified mining company headquartered in London, United Kingdom. It is the largest mining and non-ferrous metals company in India and has mining operations in Australia and Zambia and oil and gas operations in three countries. Its main products are Zinc, Lead, Silver, Oil & Gas, Iron Ore, Steel, Aluminium and Power. It has also developed commercial power stations in India in Odisha and Punjab.

<span class="mw-page-title-main">Bharat Aluminium Company</span> Indian aluminum company

Bharat Aluminium Company Ltd. (BALCO) was an Indian government owned aluminium producer under Ministry of Mines, Government of India. In 2000, the Ministry of Mines, Government of India sold it to Vedanta Resources when Atal Bihari Vajpayee-Bharatiya Janta Party-National Democratic Alliance-led-government was in power. BALCO was incorporated in the year 1965 as a central public sector unit (CPSU) and it was the central government-establishment until 2001, when it was taken over by Vedanta Resources, a company listed on the London Stock Exchange. The government company has been closely associated with the Indian Aluminium Industry, in a pivotal role. Mr. Rajesh Kumar is the current CEO & Whole Time Director of the company.

<span class="mw-page-title-main">Sterlite Technologies</span> Indian multinational technology company

Sterlite Technologies Limited is an Indian optical and digital technology company, headquartered in Pune. It is listed on Bombay Stock Exchange and National Stock Exchange of India. It has 636 patents and is active in over 150 countries. The company is specialized in optical networking which consists of optical fiber and cables, hyper-scale network design, and deployment and network software.

<span class="mw-page-title-main">Sterlite Copper</span> Indian copper manufacturing company

Sterlite Copper is a subsidiary of Sterlite industries, a company owned by Vedanta Limited.

<span class="mw-page-title-main">Hindustan Zinc</span> Indian mining and resources company

Hindustan Zinc Limited (HZL) is an Indian integrated mining and resources producer of zinc, lead, silver and cadmium. It is a subsidiary of Vedanta Limited. Earlier it was a Central Public Sector Undertaking, sold by Government of India to Vedanta Limited when Atal Bihari Vajpayee and Bharatiya Janta Party Government was in power in the year 2003. HZL is the world's second largest zinc producer.

<span class="mw-page-title-main">Sesa Football Academy</span> Indian association football academy

Sesa Football Academy (SFA) is an Indian professional football club based in Sanquelim, Goa. Originally founded in the 1960s as Sesa Sports Club, It currently competes in the Goa Professional League, and had previously participated in the NFL II and the I-League 2nd Division. SFA is a unit of Sesa Community Development Foundation, which is promoted by Vedanta Limited with the objective of service to the community in its operational areas.

Prasun Kumar Mukherjee is the Executive Director of Sesa Sterlite Limited, a subsidiary of Vedanta Resources plc.

<span class="mw-page-title-main">ITC Limited</span> Indian conglomerate

ITC Limited is an Indian company headquartered in Kolkata. ITC has a diversified presence across industries such as FMCG, hotels, software, packaging, paperboards, specialty papers and agribusiness. The company has 13 businesses in 5 segments. It exports its products in 90 countries. Its products are available in 6 million retail outlets.

<span class="mw-page-title-main">Ritesh Agarwal</span> Indian billionaire

Ritesh Agarwal is an Indian billionaire entrepreneur and the founder and CEO of OYO Rooms. He has also appeared in Shark Tank India since 2024. Agarwal's net worth is estimated to be around ₹16,000 crore as of March 2024.

India Grid Trust (IndiGrid) is an Indian power sector infrastructure investment trust (InvIT), sponsored by KKR & Sterlite Power (SPTL). Established on 21 October 2016, the entity is registered with SEBI pursuant to the InvIT regulations to own power transmission and renewable assets. Harsh Shah is the CEO and Director of IndiGrid and Jyoti Kumar Agarwal is the CFO.

<span class="mw-page-title-main">Zinc Football</span> Indian association football club based in Udaipur

Zinc Football is an Indian professional football club based in Zawar, a mining town in Udaipur, Rajasthan. The club competes in R-League A Division, the top tier league of the state. The academy was formed in 2017 as part of Hindustan Zinc Limited major stake holder Vedanta Resources's CSR. Zinc FA was nominated for I-League Second Division.

References

  1. 1 2 "The mine millionaire". The Indian Express . 24 August 2010. Archived from the original on 8 July 2018. Retrieved 10 July 2018. It's a long journey for the 56-year-old [...]
  2. ↑ "Leadership". Vedanta. Archived from the original on 6 February 2015. Retrieved 28 January 2015.
  3. ↑ Srikar Muthyala (29 September 2015). "The List of Great Entrepreneurs of India in 2015". MyBTechLife. Archived from the original on 14 January 2016.
  4. 1 2 Moya, Elena (6 September 2010). "Vedanta investors look into human rights issues in India". the Guardian. Archived from the original on 19 January 2018. Retrieved 18 January 2018.
  5. ↑ International, Survival. "Anil Agarwal - Chairman of Vedanta Resources - Survival International". www.survivalinternational.org. Archived from the original on 28 November 2023. Retrieved 24 May 2023.
  6. 1 2 "Anil Agarwal pledges 75% of his wealth to charity". Business Standard. 27 September 2014. Archived from the original on 4 January 2015. Retrieved 28 January 2015.
  7. ↑ "Lunch with BS - Anil Agarwal". Business Standard. 27 December 2013. Archived from the original on 15 April 2023. Retrieved 15 February 2024.
  8. ↑ "Vedanta founder is a daring". Deccan Herald. 22 August 2010. Archived from the original on 24 September 2015. Retrieved 28 January 2015.
  9. ↑ "Profile - Anil Agarwal". The Guardian. 28 July 2009. Archived from the original on 17 April 2023. Retrieved 15 February 2024.
  10. ↑ "Don't be too smart, looking foolish is OK". Rediff Money. 15 February 2005. Archived from the original on 20 September 2014. Retrieved 28 January 2015.
  11. ↑ "Anil Agarwal on Simplicity and Determination at Vedanta Resources". bcg.perspectives. 11 March 2014. Archived from the original on 14 April 2015. Retrieved 28 January 2015.
  12. ↑ "Who is Anil Agarwal". Archived from the original on 2 February 2024. Retrieved 15 February 2024.
  13. ↑ "Anil Agarwal's Big Bang Theory". Forbes. 18 August 2009. Archived from the original on 16 April 2023. Retrieved 15 February 2024.
  14. ↑ "Bold Baron". India Today. 10 September 2010. Archived from the original on 4 March 2016. Retrieved 28 January 2015.
  15. ↑ "Madras Aluminium Company Limited". my iris. Archived from the original on 15 August 2014. Retrieved 28 January 2015.
  16. ↑ Trust India, Press (March 2016). "Stake in HZL, Balco". Economic Times. Archived from the original on 5 October 2022. Retrieved 15 February 2024.
  17. ↑ "Vedanta may offer 25% higher price for HZL, Balco stake". Economic Times. 22 August 2012. Archived from the original on 5 March 2016. Retrieved 28 January 2015.
  18. ↑ "Vedanta Resources formally lists on LSE". Rediff. 10 December 2003. Archived from the original on 4 March 2016. Retrieved 28 January 2015.
  19. ↑ "Vedanta Resources Plc announces pricing for $1.7 bn bond". Business Standard. 23 May 2013. Archived from the original on 30 March 2014. Retrieved 28 January 2015.
  20. ↑ "Vedanta buys Zambia mine". Business Standard. 21 August 2004. Archived from the original on 5 March 2016. Retrieved 28 January 2015.
  21. ↑ "Vedanta buys Sesa Goa for $981 m". Business Standard. 25 April 2007.
  22. ↑ "Vedanta to buy UK firm's zinc assets for $1.3 bn". Business Standard. 11 May 2010. Archived from the original on 5 March 2016. Retrieved 28 January 2015.
  23. ↑ Ramanathan, Kalyana (9 December 2011). "Vedanta completes deal with Cairn India". Business Standard. Archived from the original on 26 May 2014. Retrieved 28 January 2015.
  24. ↑ "Sesa Goa, Sterlite merger becomes effective". The Times of India. 17 August 2013. Archived from the original on 6 September 2013. Retrieved 28 January 2015.
  25. ↑ "Vedanta Resources". Forbes. May 2014. Archived from the original on 11 June 2023. Retrieved 15 February 2024.
  26. ↑ "Billionaire Agarwal increases stake in Anglo American to 19%". Bloomberg. October 2017. Archived from the original on 15 April 2023. Retrieved 15 February 2024.
  27. ↑ Times, The Sunday. "Rich List 2020: profiles 1-20. James Dyson tops the list". The Times . ISSN   0140-0460. Archived from the original on 1 July 2023. Retrieved 13 July 2020.
  28. ↑ Wang, Catherine (14 September 2022). "Vendanta and Foxconn Semiconductor Investment". Forbes. Archived from the original on 30 September 2022. Retrieved 15 February 2024.
  29. 1 2 Pandey, Nishtha (15 September 2022). "Vedanta's Anil Agarwal pumps in Rs 25,000 crore". CNBC TV18. Archived from the original on 20 March 2023. Retrieved 15 February 2024.
  30. ↑ "Two days after police kill 13 anti-Sterlite protestors in Thoothukudi, sorrow and anger fill the air". scroll.in. 28 May 2018. Archived from the original on 11 April 2023. Retrieved 15 February 2024.
  31. ↑ Story, Louise; Saul, Stephanie (7 February 2015). "Stream of Foreign Wealth Flows to Elite New York Real Estate". The New York Times. ISSN   0362-4331. Archived from the original on 4 September 2021. Retrieved 18 January 2018.
  32. ↑ "Thoothukudi firing: Inquiry Commission report names top police officials for violations". 18 August 2022.
  33. ↑ "Mining baron Anil Agarwal's father dies at 87; associated with Vedanta Foundation for last three decades". Firstpost. 2 January 2020. Archived from the original on 16 April 2023. Retrieved 13 May 2020.
  34. ↑ "Sesa Sterlite wins Asian CSR Leadership Award". The Navhind Times . 15 October 2014. Archived from the original on 17 October 2014. Retrieved 28 January 2015.
  35. ↑ Satapathy, Bhupesh Bhandari Dillip (6 December 2014). "Anil Agarwal: Charity on his mind". Business Standard India. Archived from the original on 16 April 2023. Retrieved 13 May 2020.
  36. ↑ "How Andrew Carnegie set the stage for Bill Gates to give away his fortune, altering philanthropy forever". GeekWire. 8 February 2018. Archived from the original on 16 April 2023. Retrieved 13 May 2020.
  37. ↑ "Hurun India Philanthropy List 2013". Hurun. 13 November 2013. Archived from the original on 28 January 2015. Retrieved 28 January 2015.
  38. ↑ "Vedanta mining tycoon Anil Agarwal vows to give away fortune". The Times. 26 September 2014. Archived from the original on 1 December 2014. Retrieved 28 January 2015.
  39. ↑ IANS (25 June 2015). "Nand Ghar project launched by Vedanta, women and child ministry". Business Standard India. Archived from the original on 13 May 2018. Retrieved 30 May 2018.
  40. ↑ Journal, The CSR (14 November 2022). "CSR: Vedanta Kicks Off Feeding Drive of 2 Million Meals". The CSR Journal. Archived from the original on 29 November 2023. Retrieved 25 September 2023.
  41. ↑ "Vedanta pledges to spend Rs 5000 crore towards society in next 5 years: Anil Agarwal". The Times of India. July 2021. Archived from the original on 5 January 2023. Retrieved 5 January 2023.
  42. ↑ "Anil Agarwal". givingpledge.org. Archived from the original on 25 September 2023. Retrieved 25 September 2023.
  43. ↑ "ET Awards 2012: Anil Agarwal is the Business Leader of the Year". The Economic Times. 19 September 2012. Archived from the original on 17 October 2015. Retrieved 28 January 2015.
  44. ↑ Trust India, Press (21 January 2013). "Mining Journal Award". Business Standard. Archived from the original on 6 October 2022. Retrieved 15 February 2024.
  45. ↑ "Past winners". EY.com. Archived from the original on 27 September 2014.
  46. ↑ "The Asian Awards". April 2016. Archived from the original on 21 January 2019. Retrieved 15 February 2024.
  47. ↑ "Vedanta Chairman Anil Agarwal wins One Globe Forum award". Archived from the original on 14 June 2018. Retrieved 14 June 2018.
  48. ↑ "Impact Tale". Career Connect (1): 40. June 2016. Archived from the original on 15 April 2023. Retrieved 15 February 2024.
  49. ↑ "Welcome to the most prestigious Asian awards". Asian Achievers Awards. Archived from the original on 15 February 2024. Retrieved 4 November 2021.
  50. ↑ "Asia's 2021 heroes of philanthropy". Forbes. 13 December 2021. Archived from the original on 14 December 2021. Retrieved 15 February 2024.
  51. ↑ "Vedanta founder Anil Agarwal honoured with Global Indian Award in Canada". Business Insider. Archived from the original on 5 December 2023. Retrieved 5 January 2023.
  52. ↑ Bowers, Simon (28 August 2010). "Vedanta stripped of safety awards in light of Indian site disaster". the Guardian. Archived from the original on 19 January 2018. Retrieved 18 January 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.