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Vedanta chairman plans to persuade Anglo American to bring business into India

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Vedanta chairman plans to persuade Anglo American to bring business into India

Vedanta Resources Plc Chairman Anil Agarwal plans to try to convince Anglo American Plc to bring its businesses, ranging from fertilizer production to diamond mining, into India, now that his holding company has announced the purchase of an approximately 13% stake in the mining major, Mint reported April 6.

"We are a large shareholder in the company and they are also a friend of ours. So, we will speak with them. They are into fertilizers. They are also the largest coal producers. They also produce copper and magnesium. They are also the largest producers of platinum in the world. So, all of that can be done here," Agarwal said.

He noted that Anglo American unit De Beers SA is the largest global producer of diamonds, and India is the largest polisher of diamonds, with enough reserves.

"We will persuade them to produce diamonds in India," said Agarwal.

Over the next three years, Vedanta is eyeing spending US$10 billion across its business, with about US$8 billion earmarked for Indian operations.

In response to a query regarding funding of the CapEx, Agarwal said, "We have our internal accruals. We have also registered very good profits this year. We will redeploy this profit."

Agarwal also did not rule out acquiring a controlling stake in Anglo American.