Mining mogul Anil Agarwal has indicated that his son Agnivesh or daughter Priya may not head the group as it is “too big to have a family succession plan”. Agarwal, 64, who rose from running a tiny scrap metal business four decades back to becoming one of the India’s wealthiest tycoons with a business empire spanning across mining and petroleum said he has no immediate plans to retire or take a non-executive role at his USD 18-billion Vedanta Group as he feels it needs his “aggression” and “risk-taking” ability to grow into a world-class resource conglomerate.
Virtually ruling out someone from his family succeeding him, he said: “No large company like this should have the family ownership”, adding that Agnivesh and Priya “have their own passion and are doing very well.” His son is based in Dubai but not much is known about him, while his daughter has been on the boards of some of his companies, including oil explorer Cairn India.
“They (children) have their own passion. My children are very capable and they are doing very well,” he said, adding he has hired the finest CEOs to run the group. He has delisted his flagship Vedanta Resources from the London Stock Exchange (LSE) and is now concentrating on growing mineral mining and oil and gas businesses out of the India-listed firm, Vedanta Ltd.
“I own 50 per cent of the company (Vedanta Ltd) and even out of that 75 per cent has been pledged to philanthropy,” he told PTI in an interview. “Time to come, we will remain shareholders and company should be run as an institution. But at the moment, you need a visionary, you need somebody to drive. Like nobody can think of producing half a million barrels oil in such a short time unless you have aggression, you have entrepreneurship, you can take the bull by the horn. And you have risk-taking capability. And I think I will provide that for my country,” he said.