On Friday, metals and mining magnate Anil Agarwal revealed, in partnership with London-based Centricus, the formation of a US$10 billion fund to invest in public sector companies’ stake sales.
Centricus is an investment company on a global scale. Agarwal, who is Vedanta Resources’ executive chairman, said in a tweet. “Teamed up with London-based firm Centricus to create a USD 10-billion fund that will invest in stake sale of public sector companies. We are excited with the Union Budget’s strong focus on disinvestment and would like to participate in the exercise.”
Anil Agarwal further tweeted that “@Hindustan_Zinc & @Balco_India exemplify our track record of turning around companies post disinvestment without retrenching a single employee.”
Vedanta Resources Ltd is a natural resources corporation that is internationally varied.
Previous Statements By Anil:
Before that, Anil Agarwal said on Tuesday that, because of several conflicts, about 500 mines in the country are currently not operational, and restarting them will help achieve India’s ambition of becoming a $5 trillion economy.
Talking at an Assocham session on ‘Future of Manufacturing in India’ was Agarwal, Chairman of Vedanta Resources.
“The maximum revenue comes from the natural resources. Today we are just at the tip of the iceberg… We have today 500 mines which (are) not operating for some dispute. Let the production goes on. Let the production be doubled. If the production is doubled, there is no question we will not have our 5 trillion dollar target…,” Anil said.
“You make a huge penalty if we don’t follow the norms but going through the process of getting clearances takes years. Somebody wants to increase the production, that itself takes years of time. (Through) self-certification, people can increase their production to at least to double…,” he said.
“The kind of wealth which you will get will be phenomenal,” he said.
Advocating privatization, nowhere in the world government runs the business”. Anil added.