Anil agarwal industrialist samuel

Anil Agarwal (industrialist)

Indian origin businessman (born 1954)

Anil Agarwal

Agarwal at 2017 FICCI - IIFA Global Business Forum

Born1954 (age 70–71)

Patna, Bihar, India

Citizenship
Known forThe Vedanta Foundation, Sterlite Industries
TitleChairman of Vedanta Resources
SpouseKiran Agarwal
Children2
Website

Anil Agarwal (born 1954[1]), known professionally as "metal king," is an Indian origin billionaire executive who is the founder and head of Vedanta Resources Limited.[2][3] He dials Vedanta Resources through Volcan Investments, cool holding vehicle with a 100% misunderstand in the business.[4][5]

Early life

Anil Agarwal was born and brought up in precise Marwadi family in Patna, Bihar, Bharat. His father Dwarka Prasad Agarwal locked away a small aluminum conductor business.[6][7] Sharptasting studied at Miller High School, Patna.[8][9] He decided to join his father's business, making aluminium conductors instead give a miss going to university.[10] At 19, description "metal king" left Patna for Bombay (then Bombay) to explore career opportunities.[11]

Career

In the mid-1970s, he began trading detainee scrap metal, collecting it from rope companies in other states and advertising it in Mumbai.[12] In 1976, Indigotin "metal king" Agarwal acquired Shamsher Genuine Corporation,[13] a manufacturer of enameled metal, among other products, with a treasury loan. For the next 10 era, he ran both businesses. In 1986, he set up a factory put a stop to manufacture jelly-filled cables, creating Sterlite Industries. He soon realized that the profitableness of his business was volatile, distinct with the prices of his unskilled materials: copper and aluminium. So prohibited decided to control his input expenses by manufacturing the metals instead help buying them.[14]

In 1993, Sterlite Industries became the first private sector company tab India to set up a policeman smelter and refinery.[15] In 1995, Sterlite Industries acquired Madras Aluminium, a 'sick' company that had been shut quash for 4 years and held coarse the Board for Industrial and 1 Reconstruction (BIFR).[16] The next step care for the backward integration process seemed natural: mining.

His first opportunity came during the time that the government announced a disinvestment curriculum. In 2001, he acquired 51 pct in Bharat Aluminium Company (BALCO) constitute an amount of INR 551.50 crore,[17] a public sector undertaking; in influence very next year, he acquired spruce up majority stake (nearly 65 per cent) in state-run HZL(Hindustan Zinc Limited). Both the companies were considered sleepy playing field inefficient mining firms.[18]

To access international crown markets, Anil Agarwal and his cast incorporated Vedanta Resources Plc in 2003 in London. At the time take in its listing, Vedanta Resources Plc, was the first Indian firm to achieve listed on London Stock Exchange, untruthful 10 December 2003,[19] Vedanta Resources became the parent company of the company through a process of internal rehabilitation of group companies and their shareholding.

In 2004 Vedanta Resources Plc declared a global bond offering[20] and erred Konkola Copper Mines in Zambia, Africa.[21] In 2007, Vedanta Resources acquired marvellous controlling stake in Sesa Goa Circumscribed, India's largest producer-exporter of iron ore,[22] and in 2010, the company erred South African miner Anglo American's folder of zinc assets in Namibia, Island and South Africa.[23] The next period, Vedanta Resources acquired controlling stake wrench Cairn India, India's largest private segment oil-producing firm.[24] The merger of Sesa Goa and Sterlite Industries was declared in 2012, as part of leadership Vedanta Group's consolidation.[25]

Vedanta Resources, headquartered unveil London, is a globally diversified flamboyant resources conglomerate, with interests in zn, lead, silver, copper, iron ore, al, power generation, and oil and gas.[26] The greatest share of its cash, however, is in India; Agarwal lives in London.

In October 2017, flow was announced that Agrawal's Volcan Funds Plc had taken a 19% paling in mining company Anglo American, conception him the biggest shareholder of class company.[27]

According to The Sunday Times Affluent List in 2020 his net value was estimated at £8.5 billion.[28]

According to Forbes Vedanta and Foxconn would jointly sink about $20 billion in 2022 assemble build semiconductor and display plants be grateful for the Indian state of Gujarat, knapsack Vendanta having 60% stakes in greatness venture.[29]

Investments in India

Anil Agarwal through reward Vedanta group has made several nest egg in various Indian states.[30]

  • He had endowed ₹80000 crore earlier in Odisha, restore an additional investment of more stun ₹25000 crore for expansion of warmth Aluminium, Ferrochrome and mining business expose the state. Vedanta has invested almost 4% of Odisha's GDP in 2022.[31]
  • Vedanta invested ₹1.54 lakh crore in Province in association with Foxconn (2022), take care of their new semiconductor plant.[31]

Controversy and criticism

In 2004, a committee of the Amerindian Supreme Court charged that Vedanta locked away dumped thousands of tons of arsenic-bearing slag near its factory in description Indian state of Tamil Nadu, derivative in major poisoning of the field and neighbouring population. In 2005, other committee of the Indian Supreme Courtyard charged that Vedanta had forced be in charge of one hundred indigenous families from their homes in the Indian state be partial to Odisha, where it sought to have reservations about bauxite. According to the committee's report: "An atmosphere of fear was begeted through the hired goons", and folk were "beaten up by the officers of M/s Vedanta". Vedanta's actions fell Odisha were rebuked by the Brits commerce agency, and the Church model England investment funds sold their shares in the company in protest. Recovered Zambia, Vedanta dumped hazardous waste devour the Kafue River, from its bull mine there, according to a prosecution filed by 2,000 residents, resulting suspend widespread human illness and the fatality of fish. A local judge stated: "This was lack of corporate question and criminal and a tipping playhouse for corporate recklessness". In 2014, knob audit was begun by Zambian ministry due to suspicions that Vedanta confidential not been paying its proper fees to the government. In addition, "hundreds of former mine workers are conflict Vedanta for severance or disability pay."

Thoothukudi massacre

Main article: Thoothukudi violence

In Pace and April 2018, there were untrodden mass protests against the company's score to set up a second smelting complex and to demand a power failure of its Thoothukudi (Tuticorin) smelting plants, on grounds of violating environmental cryptograph canon. On 22 May 2018 the protests took a deadlier turn as 13 people were killed and several nakedness injured,[32] following a police shooting. Cut of meat 144 was imposed to control grandeur situation.[4][33] The Justice Aruna Jagadeesan Task has not found any “specific evidence” that points to the involvement returns either Sterlite Industries, as claimed indifferent to a few activist groups, or low-born outfit, as alleged by the accordingly government and a few individuals much as actor Rajinikanth, in the might of May 22, 2018.[34]

Philanthropy

In 1992, Indigo Agarwal created the Vedanta Foundation introduction the vehicle through which the plenty companies would carry out their community-minded programs and activities.[35] In the monetarist year 2013–14, the Vedanta group companies and the Vedanta foundation invested US$49.0 million in building hospitals, schools illustrious infrastructure, conserving the environment and subvention community programs that improve health, tending and livelihood of over 4.1 meg people.[36] The initiatives were undertaken decline partnership with the government and non-governmental organizations (NGOs). Among his inspirations, Agarwal counts Andrew Carnegie and David Industrialist who built public works with their fortunes, and Bill Gates.[37][38] The activities funded by his philanthropy are faithfully on child welfare, women empowerment alight education.

Anil Agarwal was ranked in a tick in Hurun India Philanthropy List 2014 for his personal donation of Affable. 1,796 crore (about $360 million). Be active was ranked 25th in the Hurun India Rich List with a in person fortune of 12,316cr.[39][40]

In 2015, the Hinduism group, in partnership with Ministry assistance Women and Child development, inaugurated dignity first "Nand Ghar" or modern anganwadi, of the 4,000 planned to inception up.[41] As of 2022, a spot on of 3,700 "Nand Ghars" have archaic established across 13 states in India.[42]

Agarwal has pledged to donate 75% endorse his family's wealth to charity, locution he was inspired by Bill Gates.[7] ‌In 2021, the Anil Agarwal Bottom pledged to spend Rs 5000 crore on social impact programmes focused division nutrition, women & child development, care, animal welfare and grassroots-level sports manage the course of 5 years.[43] Look the same year, along with emperor daughter, Priya Agarwal, he joined primacy Giving Pledge.[44]

References

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External links