Vedanta Resources plans to relist; US possibility; $100 billion is in sight

MUMBAI: Anil Aggarwal plans to relist holding company Vedanta Resources, possibly in the US, as the group plans to mine $100 billion in Indian metals and minerals over the next few years. The metals magnate is spinning off its commodities conglomerate into five listed companies that could help it scale independently as the country pushes to ramp up production to meet rising demand for resources. The number of listed companies increased from one to five on Monday.

“My vision is to get around $100 billion in India,” Agarwal said in an interview. Agarwal said in an interview. “We have grown today only because of our listing in London… US is an option to raise funds by listing Vedanta Resources, which was delisted from the London Stock Exchange in 2018.

India’s push for atmanirbhar (self-reliance) has removed barriers to business but the Center can do more.

“The government really wants us to be self-sufficient,” Agarwal said. To make things easier, it could “move towards self-certification like Canada, Australia and America.” If you don’t follow the rules, there should be severe penalties. It means fast execution.”

Aluminum may be the most popular business for investors when Vedanta’s units list, while its hydrocarbon division could be the biggest in terms of revenue as the government makes exploration more friendly and viable. “Oil and gas, I think, will be one of the biggest businesses for us,” Agarwal said. The government is now very positive. They give long leases.”