Vedanta Resources is a diversified metals and mining company founded by Anil Agarwal in 1976 in Mumbai, India. It has interests in aluminum, copper, zinc, silver, iron-ore, oil, gas and power. Vedanta now employs over 65,000 staff and contractors worldwide and has significant interests in India, Africa, Ireland and Australia. Its 2018 annual report put total revenue at US$15.4 billion, a 33 per cent increase on 2017, and earnings before interest, tax, depreciation and amortization (EBITDA) at US$4.1 billion, an increase in 27 per cent for the same period. Beginning as a small scrap metal dealership in the 1970s, in 1976 Agarwal acquired Shamster Sterling Corporation, a manufacturer of power and control cables, before eventually becoming a major stakeholder in Balco, India’s state-owned aluminum business, in 2001. Known for taking a few risks, this signaled the beginning of a busy period of expansion throughout the 2000’s for the company. In 2006, they acquired 60 per cent of Sterlite Gold, a gold mining business, and in 2008, the company bought the assets of copper mining business Asarco for US$2.6 billion. This was followed in 2011 by possibly their largest acquisition, the US$8.5 billion 58.5 per cent stake in Cairn India, whose biggest asset was an oil field in Rajasthan that produced 128,000 barrels of oil per day. Although Agarwal listed the company on the London Stock Exchange in 2003, in September 2018, he had made an unconditional offer to take the company private again, eventually paying $1 billion for the one-third of the metals firm that he didn’t already own.
- Family name: Agarwal family
- Sector: Mining & Metals
- Founded: 1976
- Founder: Anil Agarwal
- Country: India
- Company headquarters:
- Revenue: 12.9
- Employees: 27,717
- Website: vedantaresources.com
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