2 weeks ago
Anil Agarwal Envisions a 500-Year Legacy for Vedanta
Anil Agarwal is a billionaire who built a large mining and metals company called Vedanta.
He says he wants the company to keep going for 500 years.
He hopes his family will look after the business instead of treating it only as personal property.
He also wants its wealth to help society through a trust.
Agarwal grew up with little money and started working in his father’s business when he was young.
Vedanta has faced criticism over environmental and human rights issues, including deaths during a 2018 protest.
Agarwal called those events very sad and said mining safety has improved greatly.
He also talked about living in London, losing his son, and enjoying a Pitbull concert.
Anil Agarwal wants Vedanta’s business interests placed in a trust that gives back to society.
He hopes his family will act as custodians of the business rather than its owners.
Vedanta generates about $20 billion in revenue and employs around 100,000 people, according to Agarwal.
Agarwal is considering relisting Vedanta Resources in London, New York or Toronto.
He acknowledged past deaths and controversies involving Vedanta while saying its safety record has improved tremendously.
- Who
- Anil Agarwal, the founder and head of the Vedanta mining and metals group, and his daughter Priya Agarwal Hebbar.
- What
- Agarwal described plans for Vedanta to become a 500-year legacy, potentially with family interests placed in a charitable trust.
- Where
- The discussion concerns Vedanta’s operations across Asia, Africa and Australia, with Agarwal based in London.
- When
- Agarwal discussed the plans after the death of his 49-year-old son in a skiing accident in January.
- Why
- Agarwal wants the business and its wealth to continue beyond his lifetime and contribute to society.
Critics and Concerns
Agarwal and Vedanta’s Response
Environmental and human rights record
Critics and Concerns
Critics have accused Vedanta of poor environmental and human rights performance.
Agarwal and Vedanta’s Response
Agarwal’s comments focus on building a lasting institution and directing future wealth toward society.
Deaths and mining safety
Critics and Concerns
Vedanta-owned mines have experienced fatalities, and 13 people died during police firing at a company-owned copper smelter protest in 2018.
Agarwal and Vedanta’s Response
Agarwal called the fatalities unfortunate, described the 2018 incident as very sad, and said safety has become a major focus and improved tremendously.
Key facts
- Business
- Vedanta generates about $20 billion in revenue and employs around 100,000 people, according to the article.
- Ownership
- Vedanta Resources owns about 56% of the Indian business.
- Long-term ambition
- Agarwal wants his business to last for 500 years.
- Trust proposal
- He said the family’s equity should eventually go into a trust that gives back to society.
- Possible relisting
- London, New York and Toronto are being considered for a possible relisting of Vedanta Resources.
- Safety record
- Agarwal said Vedanta’s accident and death rate has come down tremendously.
- 2018 protest
- Thirteen people died when police opened fire on protesters outside a company-owned copper smelter in southern India.
Quotes
Anil Agarwal
Billionaire head of Vedanta Group, mining magnate and founder.
““Our equity should go into a trust, and the trust should give back to society. I want my business to last for 500 years.””
easterneye.biz
““That was a great experience… Everybody looks so beautiful — 70,000 people; it was like God descended.””
easterneye.biz
Sources
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