Vedanta plans to create a $10 billion fund to bid for assets, including the Indian government’s stake in Bharat Petroleum Corp Ltd (BPCL).
Mining firm Vedanta Resources Ltd plans to create a $10 billion fund to bid for assets, including the Indian government’s stake in Bharat Petroleum Corp Ltd (BPCL), its chairman told Reuters on Thursday.
The Indian government is looking to privatize state-run refiner BPCL by selling its around 53% stake in the firm worth over $6 billion to private entities.
“We are in the process of creating a $10 billion fund,” Anil Agarwal said in an interview in Dubai. “It will not only look at (BPCL), but other companies being privatized. It will also look at the potential of those companies.”
Agarwal said that the fund would be formed from its own resources and external investments.
“We will be working on a structure, we are doing due diligence,” he said. “As the date approaches, we’ll be firm and working on how we take the money and go about it.”
Aggarwal said that the fund will be created from its own resources and external investments.
“There is no big fund that normally doesn’t want to be associated with us. Money will never be a problem,” he said.
London-headquartered Vedanta Resources, founded by Agarwal in 2003, has grown its annual revenue from $1 million to more than $15 billion over the past decade.
As well as its operations in India, the group has mining interests in South Africa and a precious metals refinery and copper rod plant in the Fujairah Free Zone of the United Arab Emirates.
It is also exploring opportunities for new mines of zinc, gold and magnesium in Saudi Arabia. Agarwal said an investment of $2 billion would be required to tap the opportunities in the state.
“They (Saudi Arabia) are coming out in March with full details,” he said. “They are inviting very serious, interested people to come and participate and look at the joint ventures.”
Agarwal also said that the company aims to become zero-carbon by 2050, and will invest $5 billion to reduce its carbon footprint in the medium term.
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