Vedanta Resources Ltd’s plan to set up a $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 or Shipping Corporation of India (SCI), its chairman said.
Metals and mining magnate Anil Agarwal’s group has expressed interest to acquire the government’s stake in Bharat Petroleum Corporation Ltd (BPCL) and SCI, worth over $12 billion.
“We are creating a $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.
