Dubai: Mining Firm Vedanta Resources Limited plans to create a $10 billion fund to bid for assets, including the government’s stake in Bharat Petroleum Corp Ltd ,BPCL), its chairman told Reuters on Thursday.
The government is trying to privatize state-owned BPCL and is selling its nearly 53 per cent stake in the company, which is worth just over $6 billion, to private entities.
“We are in the process of creating a $10 billion fund,” said Anil Agarwal Said in an interview in Dubai.
“It will privatize not only (BPCL) but other companies as well. 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 work on how we take the money and go about it.”
“There is no big fund that normally doesn’t want to associate 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 over $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.
The government is trying to privatize state-owned BPCL and is selling its nearly 53 per cent stake in the company, which is worth just over $6 billion, to private entities.
“We are in the process of creating a $10 billion fund,” said Anil Agarwal Said in an interview in Dubai.
“It will privatize not only (BPCL) but other companies as well. 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 work on how we take the money and go about it.”
“There is no big fund that normally doesn’t want to associate 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 over $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.
,