Agarwal, the founder of Vedanta
Resources Ltd., is raising capital from international investors to buy stakes in government companies
being sold under India’s 2.1 trillion-rupee ($28 billion) divestment program, Bloomberg News
reported this month. The fund will also target companies being restructured under the country’s bankruptcy rules.
A representative for Centricus declined to comment, while a spokesperson for Vedanta
didn’t immediately respond to emailed queries.
Agarwal has a net worth of $2.4 billion, according to the Bloomberg Billionaires Index. The former metals trader built his business through a series of ambitious acquisitions over the past few decades, including a 2001 deal to take control of government-owned Bharat Aluminium Co. in one of the first tests of India’s efforts to offload state holdings.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.