Metals and mining magnate Anil Agarwal has for the first time taken a board position on his flagship Indian firm, Vedanta Ltd, replacing his brother Navin. Agarwal, 66, who turned a tiny scrap metal business into a mining conglomerate, had so far headed the board of London-headquartered Vedanta Resources.
The Indian flagship Vedanta Ltd houses its oil and gas, aluminium, power, iron ore, steel and copper business. In a statement, the company said Agarwal has been appointed "as the non-executive chairman of Vedanta Ltd".
He replaces his brother Navin, who will now be the Executive Vice Chairman of the Board.
The changes followed chief executive officer S Venkatakrishnan resignation. He was replaced by Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd.
"The company will be run by a management committee comprising of CEO, CFO, CHRO and CCO who will take all key decisions collectively under the guidance of Chairman," the statement said.
Besides the Agarwal brothers, Vedanta Ltd also has Anil's daughter Priya as a board director. His trusted lieutenant Tarun Jain is also on the board.
Former Hindustan Unilever executive Arun Kumar GR is Chief Financial Officer.
Anil Agarwal's other listed firm Hindustan Zinc Ltd is headed by his wife Kiran. He is the non-executive chairman of Sterlite Technologies Ltd, the only other Indian listed company in the group.
All other group firms, Cairn Oil and Gas, Sterlite Cooper, Balco, Sesa Goa Iron Ore, Vedanta Aluminium and Electrosteel Steels Ltd are headed by chief executive officers.
Ethnically a marwari from Patna, Agarwal came down to Mumbai as a scrap dealer in 1976 and went on to build an empire in copper, zinc, aluminum and iron ore. A school dropout, he founded Vedanta Resources and has been its Executive Chairman since March, 2005.
In October 2018, Agarwal took Vedanta Resources private after paying more than USD 1 billion for the one third of the metals firm that he didn't already own.
In 2017, he bought a 19 per cent stake in London-listed miner Anglo American through his family trust and sold it in 2019.
Vedanta has previously stated that it would invest Rs 60,000 crore expansion of its zinc, silver and oil and gas business.
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