Anil Agarwal short biography

Anil Agarwal has a net worth of $3.8 Billion (Rupees – 28,625 Crores), making him one of the Top 100 Richest men in India.

Vedanta Resources Limited was established in 1954 by Anil Agarwal, who is also the Chairman. Volcan Investments, a holding vehicle with a 100% interest in Vedanta Resources, is under his management.

He is a metals and mining magnate, converted a small scrap metal company into Vedanta Resources, based in London.

After investing more than $1 billion for the one-third of Vedanta that he didn’t already own in October 2018, Agarwal took the metals company private.

In September 2020, Agarwal received permission to delist Vedanta Ltd, which is listed in India, by purchasing the 49.9% stake he does not hold.

Sterlite Technology, his publicly held firm, has broken off its power transmission operation into a separate unit and floated an infrastructure investment trust.

Anil Agarwal biography

Agarwal was born and raised in Patna, Bihar, India.

Dwarka Prasad Agarwal, his father, owned a small aluminum conductor firm.

Education

Miller High School in Patna was where he went to school. Instead of going to university, he opted to work for his father’s business, which makes aluminum conductors.

Career

He moved to Mumbai (then Bombay) when he was 19 years old to look for jobs.

He started gathering scrap metal from cable firms in other states and selling it in Mumbai in the mid-1970s.

Anil Agarwal used a bank loan to buy Shamsher Sterling Corporation, a maker of enameled copper and other products, in 1976. He managed both companies for the next ten years.

Sterlite Industries, which he established in 1986, is a factory that produces jelly-filled cables.

He bought 51% of Bharat Aluminium Company (BALCO), a public sector undertaking, in 2001, and a majority stake (nearly 65%) in state-run HZL the following year (Hindustan Zinc Limited).

Anil Agarwal and his team set up Vedanta Resources Plc in London in 2003 to gain access to international capital markets.

On December 10, 2003, Vedanta Resources became the group’s parent company following an internal merger of group firms and their shareholdings.

Vedanta Resources is a major diversified natural resources conglomerate based in London, with investments in zinc, lead, silver, copper, iron ore, aluminum, power generation, and oil and gas.

In 2012, the Vedanta Group announced the merger of Sesa Goa and Sterlite Industries as part of its restructuring.

Agrawal’s Volcan Holdings Plc bought a 19% stake in the mining firm Anglo American in October 2017, making him the company’s largest shareholder.

Controversy

Vedanta was convicted by an Indian Supreme Court committee in 2004 of dumping thousands of tones of arsenic-bearing slag near its factory in the Indian state of Tamil Nadu, poisoning the atmosphere and the local people.

Another Indian Supreme Court committee argued in 2005 that Vedanta had evicted over a hundred tribal families from their homes in the Indian state of Odisha, where the company wanted to mine bauxite.

“An environment of terror was generated by the hired goons,” according to the committee’s findings, and civilians were “beaten up by M/s Vedanta employees.”

“It was a breach of corporate integrity and criminal, and a turning point for corporate recklessness,” a local judge said.

Zambian authorities launched an investigation in 2014 after allegations that Vedanta was not paying its dues to the government.

“Hundreds of retired mine employees are suing Vedanta for severance or injury pay,” according to the study.

Thoothukudi violence

Following a police shooting on May 22, 2018, the demonstrations took a deadly turn, with 13 protesters killed and hundreds of others wounded. Section 144 was enacted to keep the situation underhand.

Philanthropy

Anil Agarwal founded the Vedanta Foundation in 1992 as the mechanism by which the group corporations’ philanthropic programs and initiatives will be carried out.

Hurun India Philanthropy List 2014 ranked Anil Agarwal second for his personal contribution of Rs. 1,796 crore (approximately $36 million).

Agarwal has vowed to devote 75% of his family’s money to charity, citing Bill Gates as an inspiration.

The Vedanta party, in collaboration with the Ministry of Women and Child Welfare, opened the first of 4,000 proposed “Nand Ghar” or new anganwadis in 2015.

With a personal wealth of 12,316 crores, he was ranked 25th on the Hurun India Rich List.

Awards

• Company Leader Award – 2012, The Economic Times
• The 2008 Entrepreneur of the Year was honoured by Ernst & Young.
• The Mining Journal’s Lifetime Achievement Award was handed out in 2009.
• Dr. Thomas Cangan Leadership Award – 2013, Institute of Rural Management, Jaipur, Faculty of Management Studies (FMS-IRM).
• Entrepreneur of the Year – 2016 Asian Awards
• The One Globe Forum (OGF) award for having a positive social difference in the neighbourhoods where the organisation works, as well as programmes like Nand Ghar – 2018
• After it was discovered that Vedanta refused to reveal its presence in one of India’s worst industrial deaths, the company was stripped of international safety awards.

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