>Badassboy 63637 at 14:43, 3 July 2021

2021-07-03T14:43:13Z

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{{short description|Chairman of Vedanta Group}}
{{EngvarB|date=June 2015}}
{{Use dmy dates|date=February 2020}}
{{Infobox person
| name = Anil Agarwal
| image = File:Anil Agarwal at 2017 FICCI - IIFA Global Business Forum 02.jpg
| caption = Anil Agarwal at 2017 FICCI - IIFA Global Business Forum
| birth_place = [[Patna]], [[Bihar]], [[India]]
| citizenship = [[Indian people|Indian]]
| occupation = Chairman of [[Vedanta Resources]]
| spouse = Kiran Agarwal
| children = 2 - Agnivesh (son) and Priya (daughter)
| networth = [[US$]] 4.3 Billion (As of July 2021)<ref name="Forbes">{{cite web|title=Forbes profile: Anil Agarwal & family |url= https://www.forbes.com/profile/anil-agarwal/?sh=2bffb56161a1 |access-date=3 July 2021}}</ref>
| known_for = The Vedanta Foundation, Sterlite Industries
| website = [http://www.vedantaresources.com www.vedantaresources.com]
}}

'''Anil Agarwal''' (born 1954) is the founder and [[Chairman]] of [[Vedanta Resources|Vedanta Resources Limited]].<ref>{{cite web |url=http://www.vedantaresources.com/about-us/leadership.aspx |title=Leadership |publisher=Vedanta |access-date=28 January 2015 |archive-url=https://web.archive.org/web/20150206055847/http://www.vedantaresources.com/about-us/leadership.aspx |archive-date=6 February 2015 |url-status=dead }}</ref><ref>{{cite web|url=http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |title=The List of Great Entrepreneurs of India in 2015 |publisher=MyBTechLife |author=Srikar Muthyala |date=29 September 2015 |url-status=dead |archiveurl=https://web.archive.org/web/20160114000446/http://mybtechlife.com/the-list-of-great-entrepreneurs-in-india-2015/ |archivedate=14 January 2016 }}</ref> He controls Vedanta Resources through Volcan Investments, a holding vehicle with a 100% stake in the business.<ref name="theguardian.com">{{cite web|url=https://www.theguardian.com/business/2010/sep/06/vedanta-human-rights-issues-india|title=Vedanta investors look into human rights issues in India|last=Moya|first=Elena|date=6 September 2010|website=the Guardian|access-date=18 January 2018}}</ref>

==Early life==

Agarwal was born and brought up in [[Patna]], [[Bihar]], [[India]]. His father Dwarka Prasad Agarwal had a small aluminium conductor business.<ref>{{Cite web|url=http://archive.indianexpress.com/news/the-mine-millionaire/664001/|title=The mine millionaire - Indian Express|website=archive.indianexpress.com|language=en-gb|access-date=10 July 2018}}</ref><ref name="bs">{{cite web |url=http://www.business-standard.com/article/companies/anil-agarwal-pledges-75-of-his-wealth-to-charity-114092600997_1.html|title=Anil Agarwal pledges 75% of his wealth to charity |work=Business Standard|date=27 September 2014}}</ref> He studied at Miller High School, Patna.<ref>{{cite web|url=http://www.business-standard.com/article/opinion/lunch-with-bs-anil-agarwal-chairman-vedanta-group-113122701096_1.html |title=Lunch with BS - Anil Agarwal |work=Business Standard|date=27 December 2013}}</ref><ref>{{cite web|url=http://www.deccanherald.com/content/90635/vedanta-founder-daring-dreamer.html |title=Vedanta founder is a daring |work=Deccan Herald|date=22 August 2010}}</ref> and decided to join his father's business, making [[aluminium]] conductors, instead of going to university.<ref>{{cite web|url=https://www.theguardian.com/business/2009/jul/28/anil-agarwal-profile|title=Profile - Anil Agarwal|work=The Guardian|date=28 July 2009}}</ref> At 19, he left Patna for [[Mumbai]] (then Bombay) to explore career opportunities.<ref>{{cite web|url=http://www.rediff.com/money/2005/feb/16inter.htm |title=Don't be too smart, looking foolish is OK |publisher=Rediff Money |date=15 February 2005}}</ref>

== Career ==

In the mid-1970s, he began trading in scrap metal, collecting it from cable companies in other states and selling it in Mumbai.<ref>{{cite web|url=https://www.bcgperspectives.com/content/videos/organization_design_human_resources_anil_agarwal_simplicity_determination_vedanta_resources/ |title=Anil Agarwal on Simplicity and Determination at Vedanta Resources |publisher=bcg.perspectives |date=11 March 2014}}</ref> In 1976, Anil Agarwal acquired Shamsher Sterling Corporation, a manufacturer of enameled [[copper]], among other products, with a [[bank loan]]. For the next 10 years, he ran both businesses. In 1986, he set up a factory to manufacture jelly-filled cables, creating '''Sterlite Industries'''. He soon realized that the profitability of his business was volatile, fluctuating with the prices of his raw materials: [[copper]] and [[aluminium]]. So he decided to control his input costs by manufacturing the metals instead of buying them.<ref>{{cite web|url=https://www.forbes.com/2009/08/18/vedanta-resources-commodities-india-forbes-india-anil-agarwal.html/ |title=Anil Agarwal's Big Bang Theory |work=Forbes |date=18 August 2009}}</ref>

In 1993, Sterlite Industries became the first private sector company in India to set up a copper smelter and refinery.<ref>{{cite web|url=http://indiatoday.intoday.in/story/bold-baron/2/112119.html |title=Bold Baron |publisher=India Today | date=10 September 2010}}</ref> In 1995, Sterlite Industries acquired Madras Aluminium, a 'sick' company that had been shut down for 4 years and held by the Board for Industrial and Financial Reconstruction (BIFR).<ref>{{cite web|url=http://www.myiris.co.in/shares/company/snapShotShow.php?icode=MADALUCO |title=Madras Aluminium Company Limited |publisher=my iris}}</ref> The next step of the backward integration process seemed natural: mining.

His first opportunity came when the government announced a disinvestment program. In 2001, he acquired 51 percent in [[Bharat Aluminium Company]] (BALCO), a public sector undertaking; in the very next year, he acquired a majority stake (nearly 65 per cent) in state-run HZL(Hindustan Zinc Limited). Both the companies were considered sleepy and inefficient mining firms.<ref>{{cite web|url=http://articles.economictimes.indiatimes.com/2012-08-22/news/33322371_1_balco-stake-vedanta-group-hzl |title=Vedanta may offer 25% higher price for HZL, Balco stake |work=Economic Times| date=22 August 2012}}</ref>

To access international capital markets, Anil Agarwal and his team incorporated '''Vedanta Resources Plc''' in 2003 in [[London]]. At the time of its listing, Vedanta Resources Plc, was the first Indian firm to be listed on [[London Stock Exchange]], on 10 December 2003,<ref>{{cite web|url=http://www.rediff.com/money/2003/dec/10vedanta.htm |title=Vedanta Resources formally lists on LSE |publisher=Rediff | date=10 December 2003}}</ref> Vedanta Resources became the parent company of the group through a process of internal restructuring of group companies and their shareholding.

In 2004 Vedanta Resources Plc announced a [[global bond]] offering<ref>{{cite web|url=http://www.business-standard.com/article/companies/vedanta-resources-plc-announces-pricing-for-1-7-bn-bond-113052300356_1.html |title=Vedanta Resources Plc announces pricing for $1.7 bn bond |work=Business Standard| date=23 May 2013}}</ref> and acquired Konkola Copper Mines in Zambia, Africa.<ref>{{cite web|url=http://www.business-standard.com/article/companies/vedanta-buys-zambia-mine-104082101004_1.html |title=Vedanta buys Zambia mine |work=Business Standard|date=21 August 2004}}</ref> In 2007, Vedanta Resources acquired a controlling stake in Sesa Goa Limited, India's largest producer-exporter of iron ore,<ref>{{cite web|url=http://www.thehindu.com/todays-paper/tp-business/vedanta-buys-sesa-goa-for-981-m/article1833271.ece |title=Vedanta buys Sesa Goa for $981 m |work=Business Standard| date=25 April 2007}}</ref> and in 2010, the company acquired South African miner Anglo American's portfolio of zinc assets in Namibia, Ireland and South Africa.<ref>{{cite web|url=http://www.business-standard.com/article/companies/vedanta-to-buy-uk-firm-s-zinc-assets-for-1-3-bn-110051100026_1.html |title=Vedanta to buy UK firm's zinc assets for $1.3 bn |work=Business Standard| date=11 May 2010}}</ref> The next year, Vedanta Resources acquired controlling stake in Cairn India, India's largest private sector oil-producing firm.<ref>{{cite web|url=http://www.business-standard.com/article/companies/vedanta-completes-deal-with-cairn-india-111120900071_1.html |title=Vedanta completes deal with Cairn India |work=Business Standard|date=9 December 2011}}</ref> The merger of Sesa Goa and Sterlite Industries was announced in 2012, as part of the Vedanta Group's consolidation.<ref>{{cite web|url=http://timesofindia.indiatimes.com/business/india-business/Sesa-Goa-Sterlite-merger-becomes-effective/articleshow/21884322.cms |title=Sesa Goa, Sterlite merger becomes effective |work=The Times of India|date=17 August 2013}}</ref>

Vedanta Resources, headquartered in [[London]], is a globally diversified natural resources conglomerate, with interests in zinc, lead, silver, copper, iron ore, aluminium, power generation, and oil and gas.<ref>{{cite web|url=https://www.forbes.com/companies/vedanta-resources/ |title=Vedanta Resources |work=Forbes | date=May 2014}}</ref> The greatest share of its assets, however, is in India; Agarwal lives in London.

In October 2017, it was announced that Agrawal's Volcan Holdings Plc had taken a 19% stake in mining company [[Anglo American plc|Anglo American]], making him biggest shareholder of the company.<ref>{{cite web|url=https://www.moneyweb.co.za/news-fast-news/billionaire-agarwal-increases-stake-in-anglo-american-to-19/ |title=Billionaire Agarwal increases stake in Anglo American to 19% |publisher=Bloomberg | date=October 2017}}</ref>

According to The ''[[Sunday Times Rich List]]'' in 2020 his net worth was estimated at £8.5 billion.<ref>{{Cite news|last=Times|first=The Sunday|title=Rich List 2020: profiles 1-20. James Dyson tops the list|language=en|url=https://www.thetimes.co.uk/article/rich-list-2020-profiles-1-20-featuring-roman-abramovich-and-jim-ratcliffe-50m6h3xdf|access-date=2020-07-13|issn=0140-0460}}</ref>

== Controversy and criticism ==

In 2004, a committee of the [[Indian Supreme Court]] charged that Vedanta had dumped thousands of tons of arsenic-bearing slag near its factory in the Indian state of [[Tamil Nadu]], resulting in major poisoning of the environment and neighbouring population. In 2005, another committee of the Indian Supreme Court charged that Vedanta had forced over one hundred indigenous families from their homes in the Indian state of [[Odisha]], where it sought to mine bauxite. According to the committee's report: "An atmosphere of fear was created through the hired goons", and residents were "beaten up by the employees of M/s Vedanta". Vedanta's actions in Odisha were rebuked by the British commerce agency, and the Church of England investment funds sold their shares in the company in protest. In [[Zambia]], Vedanta dumped hazardous waste into the [[Kafue River]], from its copper mine there, according to a lawsuit filed by 2,000 residents, resulting in widespread human illness and the death of fish. A local judge stated: "This was lack of corporate responsibility and criminal, and a tipping point for corporate recklessness". In 2014, an audit was begun by Zambian officials due to suspicions that Vedanta has not been paying its proper fees to the government. In addition, "hundreds of former mine workers are fighting Vedanta for severance or disability pay."

=== [[Thoothukudi violence]] ===
In March and April 2018, there were renewed mass-protests against the company's plans of setting up a second smelting complex and to demand a shutdown of its [[Thoothukudi]] (Tuticorin) smelting plants, on grounds of violating environmental regulations. On 22 May 2018 the protests took a deadlier turn as 13 people were killed and several others injured,<ref>{{cite web|url=https://scroll.in/article/880193/two-days-after-police-kill-13-anti-sterlite-protestors-in-thoothukudi-sorrow-and-anger-fill-the-air |title=Two days after police kill 13 anti-Sterlite protestors in Thoothukudi, sorrow and anger fill the air |publisher=scroll.in |date=28 May 2018}}</ref> following a police shooting. Section 144 was imposed to control the situation.<ref name="theguardian.com" /><ref name="nytimes.com">{{Cite news|url=https://www.nytimes.com/2015/02/08/nyregion/stream-of-foreign-wealth-flows-to-time-warner-condos.html|title=Stream of Foreign Wealth Flows to Elite New York Real Estate|last1=Story|first1=Louise|date=7 February 2015|work=The New York Times|access-date=18 January 2018|last2=Saul|first2=Stephanie|language=en-US|issn=0362-4331}}</ref>

== Philanthropy ==

In 1992, Anil Agarwal created the Vedanta Foundation as the vehicle through which the group companies would carry out their philanthropic programs and activities.<ref>{{Cite web|title=Mining baron Anil Agarwal's father dies at 87; associated with Vedanta Foundation for last three decades|url=https://www.firstpost.com/business/mining-baron-anil-agarwals-father-dies-at-87-associated-with-vedanta-foundation-for-last-three-decades-7852981.html|website=Firstpost|access-date=2020-05-13}}</ref> In the financial year 2013–14, the Vedanta group companies and the Vedanta foundation invested US$49.0 million in building [[hospitals]], [[schools]] and infrastructure, conserving the environment and funding community programs that improve health, education and livelihood of over 4.1 million people.<ref>{{cite web|url=http://www.navhindtimes.in/economic-scan-17/ |title=Sesa Sterlite wins Asian CSR Leadership Award |work=[[The Navhind Times]]| date=15 October 2014}}</ref> The initiatives were undertaken in partnership with the government and [[non-governmental organizations]] (NGOs). Among his inspirations, Agarwal counts [[Andrew Carnegie]] and [[David Rockefeller]] who built public works with their fortunes, and [[Bill Gates]].<ref>{{Cite news|last=Satapathy|first=Bhupesh Bhandari Dillip|date=2014-12-06|title=Anil Agarwal: Charity on his mind|work=Business Standard India|url=https://www.business-standard.com/article/companies/anil-agarwal-charity-on-his-mind-114120501329_1.html|access-date=2020-05-13}}</ref><ref>{{Cite web|title=How Andrew Carnegie set the stage for Bill Gates to give away his fortune, altering philanthropy forever|url=https://www.geekwire.com/2018/andrew-carnegie-set-stage-bill-gates-give-away-fortune-changed-philanthropy-forever/|date=2018-02-08|website=GeekWire|language=en-US|access-date=2020-05-13}}</ref> The activities funded by his philanthropy are focused on child welfare, women empowerment and [[education]].

Anil Agarwal was ranked second in Hurun India Philanthropy List 2014 for his personal donation of Rs. 1,796 crore (about $360 million). He was ranked 25th in the Hurun India Rich List with a personal fortune of 12,316cr.<ref>{{cite web |url=http://www.hurun.net/EN/ArticleShow.aspx?nid=213 |title=Hurun India Philanthropy List 2013 |publisher=Hurun |date=13 November 2013 |access-date=28 January 2015 |archive-url=https://archive.is/20150128055536/http://www.hurun.net/EN/ArticleShow.aspx?nid=213 |archive-date=28 January 2015 |url-status=dead }}</ref><ref>{{cite web|url=http://www.thetimes.co.uk/tto/business/industries/naturalresources/article4218277.ece |title=Vedanta mining tycoon Anil Agarwal vows to give away fortune |work=The Times|date=26 September 2014}}</ref>

In 2015, the Vedanta group in partnership with Ministry for Women and Child development inaugurated the first "Nand Ghar" or modern anganwadi, of the 4,000 planned to set up.<ref>{{Cite news|url=http://www.business-standard.com/article/news-ians/nand-ghar-project-launched-by-vedanta-women-and-child-ministry-115062501062_1.html|title=Nand Ghar project launched by Vedanta, women and child ministry|last=IANS|date=25 June 2015|work=Business Standard India|access-date=30 May 2018}}</ref> Agarwal has pledged to donate 75% of his family's wealth to charity, saying he was inspired by [[Gates Foundation|Bill Gates]].<ref name="bs" />

==Honours and awards==
*[[The Economic Times]], Business Leader Award – 2012<ref>{{cite web|url=http://articles.economictimes.indiatimes.com/2012-09-19/news/33952762_1_sesa-sterlite-vedanta-group-vedanta-resources |title=ET Awards 2012: Anil Agarwal is the Business Leader of the Year |work=The Economic Times|date=19 September 2012}}</ref>
*Mining Journal Lifetime Achievement Award - 2009{{citation needed|date=July 2019}}
*The [[Ernst & Young]] Entrepreneur of the Year - 2008<ref>{{cite web|url=http://www.ey.com/IN/en/About-us/Entrepreneurship/Entrepreneur-Of-The-Year/Entrepreneur_of_the_Year_Award-Hall_of_Fame |title=Past winners |publisher=EY.com |url-status=dead |archiveurl=https://web.archive.org/web/20140927002439/http://www.ey.com/IN/en/About-us/Entrepreneurship/Entrepreneur-Of-The-Year/Entrepreneur_of_the_Year_Award-Hall_of_Fame |archivedate=27 September 2014 }}</ref>
*The Asian Awards Entrepreneur of the Year - 2016<ref>{{cite web|url=http://theasianawards.com/Anil_Agarwal|title=The Asian Awards|date=April 2016}}</ref>
*The One Globe Forum (OGF) award for creating a strong social impact for the communities the group operates in, and for initiatives such as Nand Ghar - 2018<ref>{{Cite web|url=http://buisnessnewstrends.blogspot.com/2018/02/vedanta-chairman-anil-agarwal-wins-one.html|title=Vedanta Chairman Anil Agarwal wins One Globe Forum award|language=en-GB|access-date=14 June 2018}}</ref>
*Dr.Thomas Cangan Leadership Award– 2013, [[Faculty of Management Studies – Institute of Rural Management, Jaipur (FMS-IRM)]]<ref>{{cite journal |title=Impact Tale |journal=Career Connect |date=June 2016 |issue=1 |page=40 |url=https://issuu.com/surecommediacareerconnectmagazine/docs/career_connect_june_2016_issue__1_}}</ref>

Vedanta was stripped of international safety awards after it was found it failed to declare its involvement one of the worst industrial accidents in India's history.<ref>{{cite web|url=https://www.theguardian.com/business/2010/aug/29/vedanta-safety-awards-stripped|title=Vedanta stripped of safety awards in light of Indian site disaster|last=Bowers|first=Simon|date=28 August 2010|website=the Guardian|access-date=18 January 2018}}</ref>

==References==
{{reflist}}

==External links==
*[http://www.vedantaresources.com/ Vedanta Resources Website]

{{Vedanta Resources}}
{{DEFAULTSORT:Agarwal, Anil}}
[[Category:Indian business executives]]
[[Category:Indian emigrants to the United Kingdom]]
[[Category:Living people]]
[[Category:Marwari people]]
[[Category:Indian billionaires]]
[[Category:1954 births]]
[[Category:Businesspeople from Patna]]
[[Category:Conservative Party (UK) donors]]
[[Category:Vedanta Resources]]

Anil Agarwal industrialist - Revision history

>Badassboy 63637 at 14:43, 3 July 2021