Agarwal’s move to increase his stake in the India-listed Vedanta Ltd to 69.7% by 2021 from 50.1% a year earlier with borrowed funds has come to haunt him.
Synopsis
Over the course of four decades, Agarwal painstakingly built Vedanta into a $10 billion conglomerate. However, facing the risk of overwhelming debt, he is now considering dismantling the company. The pressure is escalating on this entrepreneur who began his journey as a scrap metal trader. Specifically, there is a looming challenge: a $1 billion payment due in January, with $600 million still unfunded. This deficit might necessitate the sale of assets. One potential solution to alleviate the debt burden could involve separately listing different business segments, effectively tackling the financial challenges confronting the company.
Anil Agarwal’s ambition was to turn Vedanta into an energy giant like Exxon or a resources behemoth that would exceed BHP. Now he’s battling to save an empire built on debt. “Vedanta will be another Exxon, an anchor from India,” Agarwal said on TV in 2019. “We have mines where world-class people are working and I am looking to create a better BHP, a technological BHP for India, because India is much bigger and we have huge domestic
BY
ET Bureau
11 mins read, Last Updated:
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