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Financial Times
September 25, 2014 9:11 pm
Billionaire Agarwal to hand over his fortune to charity
By James Wilson in London and Amy Kazmin in Delhi
Anil Agarwal, the billionaire owner of Vedanta Resources, plans to join the ranks of business philanthropists by turning most of his fortune over to charity.
The Indian natural resources entrepreneur, who started out as a scrap metal dealer, said on Thursday that he and his family agreed that 75 per cent of their wealth should be put in a charitable trust. “What we earn must be returned for the greater good of society. Life is not only about wealth.
It is unclear whether Mr Agarwal would relinquish control over Vedanta, the UK listed mining and resources conglomerate where he owns a stake of almost 70 per cent. He made his announcement as Vedanta marked the 10th anniversary of its UK stock market listing.
Mr Agarwal’s business empire spans mining and petroleum, mostly in India but with assets around the world. Forbes magazine estimated his wealth at $3.5bn, putting him 24th on its list of Indian billionaires, which is headed by Mukesh Ambani ofReliance Industries. Vedanta itself has a market capitalisation of £2.6bn.
After years spent reorganising a variety of cross-shareholdings, last year Mr Agarwal hired Tom Albanese, the American former chief executive of Rio Tinto, to take over as chief executive at Vedanta, with Mr Albanese promising to improve the group’s safety record and often testy relations with governments and communities where it operates.
Mr Agarwal has often run into controversy and political battles in India, falling foul of the previous Congress-led government, as well as many ethical investors such as the Church of England over plans to mine bauxite in Orissa from a mountain deemed sacred to a tribe.
He said the country now had a “dynamic” government under Narendra Modi and praised the prime minister’s plans for $1,000bn of infrastructure spending.
“Vedanta and the world will benefit from his vision ,” he said.
Among causes likely to attract support, Mr Agarwal said he wanted to create a world-class university in India. Other large Indian industrialists with philanthropic aims have invested in higher education, including Azim Premji, chairman of Wipro, who has put much of his personal fortune into his eponymous foundation, and Shiv Nadar, founder and chairman of HCL.
http://www.ft.com/cms/s/0/5e377130-44c6-11e4-9a5a-00144feabdc0.html#axzz3FJzL5wGY
September 25, 2014 9:11 pm
Billionaire Agarwal to hand over his fortune to charity
By James Wilson in London and Amy Kazmin in Delhi
Anil Agarwal, the billionaire owner of Vedanta Resources, plans to join the ranks of business philanthropists by turning most of his fortune over to charity.
The Indian natural resources entrepreneur, who started out as a scrap metal dealer, said on Thursday that he and his family agreed that 75 per cent of their wealth should be put in a charitable trust. “What we earn must be returned for the greater good of society. Life is not only about wealth.
It is unclear whether Mr Agarwal would relinquish control over Vedanta, the UK listed mining and resources conglomerate where he owns a stake of almost 70 per cent. He made his announcement as Vedanta marked the 10th anniversary of its UK stock market listing.
Mr Agarwal’s business empire spans mining and petroleum, mostly in India but with assets around the world. Forbes magazine estimated his wealth at $3.5bn, putting him 24th on its list of Indian billionaires, which is headed by Mukesh Ambani ofReliance Industries. Vedanta itself has a market capitalisation of £2.6bn.
After years spent reorganising a variety of cross-shareholdings, last year Mr Agarwal hired Tom Albanese, the American former chief executive of Rio Tinto, to take over as chief executive at Vedanta, with Mr Albanese promising to improve the group’s safety record and often testy relations with governments and communities where it operates.
Mr Agarwal has often run into controversy and political battles in India, falling foul of the previous Congress-led government, as well as many ethical investors such as the Church of England over plans to mine bauxite in Orissa from a mountain deemed sacred to a tribe.
He said the country now had a “dynamic” government under Narendra Modi and praised the prime minister’s plans for $1,000bn of infrastructure spending.
“Vedanta and the world will benefit from his vision ,” he said.
Among causes likely to attract support, Mr Agarwal said he wanted to create a world-class university in India. Other large Indian industrialists with philanthropic aims have invested in higher education, including Azim Premji, chairman of Wipro, who has put much of his personal fortune into his eponymous foundation, and Shiv Nadar, founder and chairman of HCL.
http://www.ft.com/cms/s/0/5e377130-44c6-11e4-9a5a-00144feabdc0.html#axzz3FJzL5wGY
