Anil Agarwal replaces his brother Navin, who
will now be the Executive Vice Chairman of the Board.
Anil Agarwal
Metals and mining magnate Anil
Agarwal has for the first time taken a board position on his
flagship Indian firm, Vedanta
Ltd, replacing his brother Navin. Agarwal, 66, who turned a tiny scrap
metal business into a mining conglomerate, had so far headed the board of
London-headquartered Vedanta
Resources.
The Indian flagship Vedanta
Ltd houses its oil and gas, aluminium, power, iron ore, steel and copper
business. In a statement, the company said Agarwal has been appointed "as
the non-executive chairman of Vedanta Ltd".
He replaces his brother
Navin, who will now be the Executive Vice Chairman of the Board.
The changes followed chief
executive officer S Venkatakrishnan resignation. He was replaced by Sunil
Duggal, current head of Vedanta unit Hindustan Zinc Ltd.
"The company will be
run by a management committee comprising of CEO, CFO, CHRO and CCO who will
take all key decisions collectively under the guidance of Chairman," the
statement said.
Besides the Agarwal
brothers, Vedanta Ltd also has Anil's daughter Priya as a board director. His
trusted lieutenant Tarun
Jain is also on the board.
Former Hindustan
Unilever executive Arun Kumar GR is Chief Financial Officer.
Anil Agarwal's other listed
firm Hindustan Zinc Ltd is headed by his wife Kiran. He is the non-executive
chairman of Sterlite
Technologies Ltd, the only other Indian listed company in the group.
All other group firms, Cairn
Oil and Gas, Sterlite Cooper, Balco, Sesa Goa Iron Ore, Vedanta Aluminium and
Electrosteel Steels Ltd are headed by chief executive officers.
Ethnically a marwari from
Patna, Agarwal came down to Mumbai as a scrap dealer in 1976 and went on to
build an empire in copper, zinc, aluminum and iron ore. A school dropout, he
founded Vedanta Resources and has been its Executive Chairman since March,
2005.In October 2018, Agarwal took Vedanta Resources private after paying more than
USD 1 billion for the one third of the metals firm that he didn't already own.
In 2017, he bought a 19 per
cent stake in London-listed miner Anglo
American through his family trust and sold it in 2019.
Vedanta has previously
stated that it would invest Rs 60,000 crore expansion of its zinc, silver and
oil and gas business.
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