Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
Anil Agarwal, founder of Vedanta Resources Plc - Bloomberg
Commodities tycoon Anil Agarwal, who made a fortune buying public sector companies and fixing them up, is preparing to raise an investment fund targeting turnaround opportunities in the country, people with knowledge of the matter said.
Vedanta Resources Ltd’s billionaire founder is working with Centricus Asset Management Ltd on the plans, according to the people, who asked not to be identified discussing private information. They have started approaching potential investors for the proposed India Direct Investment fund, which will buy stakes in government companies being sold as part of the country’s ₹2.1 trillion ($29 billion) divestment programme, the people said.
The fund will also target companies restructuring under India’s bankruptcy regime, the people said. It will look at both private and public firms, they said. Agarwal and London-based Centricus plan to contribute as much as 10 per cent of the capital, according to the people.
Prime Minister Narendra Modi is putting some of India’s corporate icons on the block in a bid to plug budget holes and fund infrastructure spending. Agarwal is seeking to find the gems among the dozens of companies being sold and tap his industry connections to turn them around, as he tries to repeat his success in building up a metals and mining powerhouse.
Deliberations are at an early stage, and details of the fund could change, the people said. A representative for Agarwal couldn’t immediately comment, while a representative for Centricus declined to comment.
Agarwal has a net worth of about $2.5 billion, according to the Bloomberg Billionaires Index. The former metal trader built his business through a series of ambitious acquisitions over the past few decades, including a 2001 deal to take control of government-owned Bharat Aluminium Co in one of the first tests of India’s efforts to offload state holdings.
He followed that up with the purchase of another government entity, Hindustan Zinc Ltd, and in 2007 successfully bid for what was India’s largest iron ore producer, Sesa Goa Ltd. In recent years, his commodities company acquired control of insolvent Electrosteel Steels Ltd from its lenders.
The self-made billionaire also went abroad for investment. Until last year, he was the largest shareholder of Anglo American Plc, triggering speculation that Agarwal was planning to push for a major change, such as a takeover or breakup. In the end, the tycoon decided to exit his investment as he said his returns were achieved even sooner than expected.
Agarwal’s Volcan Investments Ltd took his London-listed Vedanta Resources private in 2018 as the entrepreneur sought to simplify the corporate structure of his resources group. This year, he proposed to buy the 49.9 per cent stake in India-traded Vedanta Ltd that he doesn’t own and delist the commodities giant.
Centricus oversees $27 billion in assets, according to its website. The firm was founded in 2016 by Nizar Al-Bassam, a former investment banker at Deutsche Bank AG, and ex-Goldman Sachs Group Inc partner Dalinc Ariburnu.
Centricus advised SoftBank Group Corp on the creation of its $100-billion Vision Fund and also worked on its $3.3-billion takeover of Fortress Investment Group LLC.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Sensex and Nifty 50 saw selling interest on Friday and slumped; selling pressure could continue
Investors with a long-term horizon can consider this offer
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
This year, on Facebook, I saw that someone had posted a list of EASY RESOLUTIONS. I didn’t copy them down but ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor