Anil Agarwal

Anil Agarwal (born 1954 (age 56) ), known professionally as "metal king," is an Indian businessman who is the founder and chairman of Vedanta Resources Limited.

He controls Vedanta Resources through Volcan Investments, a holding vehicle with a 100% stake in the business.

Anil Agarwal was born and brought up in a Marwadi family in Patna, Bihar, India.

His father Dwarka Prasad Agarwal had a small aluminum conductor business.

He studied at Miller High School, Patna.

He decided to join his father's business, making aluminium conductors instead of going to university.

At 19, the "metal king" left Patna for Mumbai (then Bombay) to explore career opportunities.

In the mid-1970s, he began trading in scrap metal, collecting it from cable companies in other states and selling it in Mumbai.

In 1976, Anil "metal king" Agarwal acquired Shamsher Sterling Corporation, a manufacturer of enameled copper, among other products, with a bank loan.

For the next 10 years, he ran both businesses.

In 1986, he set up a factory to manufacture jelly-filled cables, creating Sterlite Industries.

He soon realized that the profitability of his business was volatile, fluctuating with the prices of his raw materials: copper and aluminium.

So he decided to control his input costs by manufacturing the metals instead of buying them.

In 1993, Sterlite Industries became the first private sector company in India to set up a copper smelter and refinery.

In 1995, Sterlite Industries acquired Madras Aluminium, a 'sick' company that had been shut down for 4 years and held by the Board for Industrial and Financial Reconstruction (BIFR).

The next step of the backward integration process seemed natural: mining.

His first opportunity came when the government announced a disinvestment program.

In 2001, he acquired 51 percent in Bharat Aluminium Company (BALCO) for an amount of INR 551.50 crore, a public sector undertaking; in the very next year, he acquired a majority stake (nearly 65 per cent) in state-run HZL(Hindustan Zinc Limited).

Both the companies were considered sleepy and inefficient mining firms.

To access international capital markets, Anil Agarwal and his team incorporated Vedanta Resources Plc in 2003 in London.

At the time of its listing, Vedanta Resources Plc, was the first Indian firm to be listed on London Stock Exchange, on 10 December 2003, Vedanta Resources became the parent company of the group through a process of internal restructuring of group companies and their shareholding.

In 2004 Vedanta Resources Plc announced a global bond offering and acquired Konkola Copper Mines in Zambia, Africa.

In 2004, a committee of the Indian Supreme Court charged that Vedanta had dumped thousands of tons of arsenic-bearing slag near its factory in the Indian state of Tamil Nadu, resulting in major poisoning of the environment and neighbouring population.

In 2005, another committee of the Indian Supreme Court charged that Vedanta had forced over one hundred indigenous families from their homes in the Indian state of Odisha, where it sought to mine bauxite.

According to the committee's report: "An atmosphere of fear was created through the hired goons", and residents were "beaten up by the employees of M/s Vedanta".

Vedanta's actions in Odisha were rebuked by the British commerce agency, and the Church of England investment funds sold their shares in the company in protest.

In Zambia, Vedanta dumped hazardous waste into the Kafue River, from its copper mine there, according to a lawsuit filed by 2,000 residents, resulting in widespread human illness and the death of fish.

A local judge stated: "This was lack of corporate responsibility and criminal, and a tipping point for corporate recklessness".

In 2007, Vedanta Resources acquired a controlling stake in Sesa Goa Limited, India's largest producer-exporter of iron ore, and in 2010, the company acquired South African miner Anglo American's portfolio of zinc assets in Namibia, Ireland and South Africa.

The next year, Vedanta Resources acquired controlling stake in Cairn India, India's largest private sector oil-producing firm.

The merger of Sesa Goa and Sterlite Industries was announced in 2012, as part of the Vedanta Group's consolidation.

Vedanta Resources, headquartered in London, is a globally diversified natural resources conglomerate, with interests in zinc, lead, silver, copper, iron ore, aluminium, power generation, and oil and gas.

The greatest share of its assets, however, is in India; Agarwal lives in London.

In 2014, an audit was begun by Zambian officials due to suspicions that Vedanta has not been paying its proper fees to the government.

In addition, "hundreds of former mine workers are fighting Vedanta for severance or disability pay."

In October 2017, it was announced that Agrawal's Volcan Holdings Plc had taken a 19% stake in mining company Anglo American, making him biggest shareholder of the company.

In March and April 2018, there were renewed mass-protests against the company's plans of setting up a second smelting complex and to demand a shutdown of its Thoothukudi (Tuticorin) smelting plants, on grounds of violating environmental regulations.

According to The Sunday Times Rich List in 2020 his net worth was estimated at £8.5 billion.

According to Forbes Vedanta and Foxconn would jointly invest about $20 billion in 2022 to build semiconductor and display plants in the Indian state of Gujarat, with Vendanta having 60% stakes in the venture.

Anil Agarwal through his Vedanta group has made several investments in various Indian states.