Anil Agarwal to set up $10 billion fund to hunt for govt assets
Vedanta Resources Ltd’s plan to set up a USD 10 billion fund to acquire state-owned firms has attracted interest from sovereign wealth funds and the corpus will be floated once the government invites price for firms such as BPCL NSE 0.05 % or Shipping Corporation of India (SCI), its chairman said. Metals and mining magnate Anil Agarwal’s group has expressed interest to acquire government stake in Bharat Petroleum Corporation Ltd (BPCL) and SCI NSE 0.52 %, worth over USD 12 billion.
“We are creating a USD 10 billion fund,” Agarwal said in an interview.
The fund will be made of Vedanta’s own resources and outside investment. “We have a tremendous response for this, especially from the sovereign wealth funds,” he said.
