4 hours Ago By Sonali Sharma
Anil Agarwal is the chairman and founder of the Vedanta Group, which he established in 1976. Prior to going public on the London Stock Exchange in 2003, the company initially manufactured wires. On the other hand, in October 2019, Agarwal took the company private.
Before reclaiming control of the copper mines that the southern African nation's government seized more than four years ago, Vedanta Resources Ltd. is willing to pay $250 million that it owes Zambian suppliers. From running a small scrap metal business to becoming one of India's wealthiest tycoons with a commercial empire that included mining and petroleum forty years ago, he was born in 1954 into a Marwari family in Patna.
He chose to assist his father in the business after graduating from high school rather than pursue further education. Agarwal began working with scrap metal in the mid-1970s. He bought Shamsher Sterling Corporation in 1976.
Ten years later, he formed Sterlite Industries, which went on to build India's first private sector copper smelter and refinery in 1993. A few years later, he made his foray into the mining sector by acquiring roughly 65% of the state-owned HZL (Hindustan Zinc Limited) and 51% of the Bharat Aluminium Company (BALCO). In 2003, he established Vedanta Resources in London to obtain foreign funding.
The corporation is a global conglomerate of natural resources with assets in power generation, iron ore, copper, zinc, lead, silver, oil and gas, and aluminium. Vedanta and Foxconn, a company based in Taiwan, have agreed to invest $20 billion together to construct semiconductor and display facilities in Gujarat. In 1992, he established the Vedanta Foundation to carry out philanthropic endeavours.
Citing Bill Gates as an influence, he has pledged to donate 75% of his family's fortune to charitable causes, according to Business Standard. According to Forbes, his estimated net worth today stands at an impressive $2.01 billion.
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