Metal king Anil Agarwal to take a non-executive post at Vedanta in 3-4yrs

Nov 28 2012, 22:45 IST
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Metal king Anil Agarwal to take a non-executive post at Vedanta in 3-4yrs (Reuters) Metal king Anil Agarwal to take a non-executive post at Vedanta in 3-4yrs (Reuters)
SummaryEarlier, Agarwal had refused to become chairman of Cairn India

Anil Agarwal wants to hand over the reins of his USD 14-billion Vedanta Group to a professional chief executive over the next 3-4 years as he plans to take the mentoring role of non-executive Chairman.

"We are looking for a CEO (Chief Executive Officer) in couple of years' time to run this company, Vedanta. It is couple of years (away). There is a plan.

"I can't give you details before it is executed. Time has come... the company should be run by a CEO and I would like to be the Non-Executive Chairman," 58-year-old Agarwal, who is the Executive Chairman of Vedanta group, told PTI.

When asked about the time-frame for implementing the succession plan, Agarwal said it should happen in "three to four years".

Earlier, Agarwal had refused to become chairman of Cairn India which Vedanta acquired in a USD 8.6-billion deal last year, marking its foray in to the oil and gas sector. His brother Naveen Agarwal became the Chairman of Cairn India and his daughter Priya Agarwal took a board position.

The Patna-born billionaire Anil Agarwal, who had started off as a metal scrap dealer, said he would spend bulk of his time on philanthropy and social work after assuming the role of non-executive group Chairman of Vedanta.

"I am going to put 70 per cent of my time, I am thinking of child care and university - the two things in my mind... I enjoy everything which I do. I am looking forward to whether I can change my profession and keep 30 per cent (of my time) for the company and 70 per cent towards eradicating poverty and child care," he said.

Agarwal's Vedanta Resources Plc is listed on London Stock Exchange and is seventh on the list of global mining giants.

In 2011-12, it had reported a revenue of USD 14 billion and a gross profit of USD 4 billion.

Agarwal and his family own about 59.60 per cent stake in mining giant Vedanta through two private firms Volcan Investment Ltd and Chase Nominees Ltd. His personal fortune is estimated to be USD 3.8 billion at present.

Agarwal said that his dream of creating a global natural resources giant from India, Sesa Sterlite, is on track and the process is expected to be completed in a month's time.

"Absolutely on track. We are making Sesa Sterlite as a company and the court process is on. In a month's time, it will happen. It's very important that from every region there should be a natural resources giant," he said.

In February, Vedanta had announced restructuring of its operations. Except Konkola Copper Mines in Zambia, all operations of Vedanta will come under one roof.

Sesa Sterlite after the restructuring will be the seventh largest natural resources firm in the world (in terms of EBITDA-- an indicator of operating profit).

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