Text Size:
A+
New Delhi: Commodities tycoon Anil Agarwal is planning to invest $10 billion through a new partnership targeting government privatizations in India.
The billionaire is teaming up with London-based Centricus Asset Management Ltd. to seek investments in Indian companies offering substantial growth opportunities, according to a statement Thursday. They will look to turn around companies being sold off as part of the country’s 2.1 trillion-rupee ($29 billion) divestment program.
Agarwal made a fortune buying state companies and fixing them up, building a metals and mining powerhouse under the umbrella of Vedanta Resources Ltd. He’s now seeking to repeat that success, betting he can spot gems among the dozens of companies being put on the block by Prime Minister Narendra Modi’s administration.
Commodities tycoon Anil Agarwal is planning to invest $10 billion through a new partnership targeting government privatisations in India. The billionaire is teaming up with London-based Centricus Asset Management Ltd. to seek investments in Indian companies offering substantial growth opportunities, according to a statement Thursday. They will look to turn around companies being sold off as part of the country’s Rs 2.1 trillion ($29 billion) divestment program. Agarwal made a fortune buying state companies and fixing them up, building a metals and mining powerhouse under the umbrella of Vedanta Resources Ltd. He’s now seeking to repeat that success, betting he can spot gems among the dozens of companies being put on the block by Prime Minister Narendra Modi’s administration.
Vedanta Group Founder and Chairman Anil Agarwal, in partnership with London-based investment firm Centricus, plans to invest $10 billion in Indian companies being divested by the government. In a joint statement on Thursday, they said they intended to invest in entities with substantial turnaround and growth opportunities. “The launch comes at a promising time for the Indian economy and will support the government’s efforts to achieve its disinvestment targets,” said the statement, adding the strategy will allow companies to benefit from Agarwal’s experience and history of partnering with and creating value for operating businesses. “India will be the fastest-growing large economy over the next decade. Its dynamism is based on a world-class entrepreneurial private sector, and I believe that this dynamism can be harnessed to unlock incredible transformation in the public sector. We believe that this strategy can, and will, play a crucial role in the country’s on-goin
streetAsia s premium subscription service Unlock your competitive advantage in a rapidly evolving landscape. Our packages come with exclusive access to archive content, data, discount on summit tickets & more. Be a part of our growing community now. SUBSCRIBE NOW
Singapore Reporter/s
In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digi