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Anil Agarwal for the first time takes board position on Vedanta Ltd

Metals and mining magnate Anil Agarwal has for the first time taken a board position on his flagship Indian firm, Vedanta Ltd, replacing his brother Navin. Agarwal, 66, who turned a tiny scrap metal business into a mining conglomerate, had so far headed the board of London-headquartered Vedanta Resources.

The Indian flagship Vedanta Ltd houses its oil and gas, aluminium, power, iron ore, steel and copper business. In a statement, the company said Agarwal has been appointed “as the non-executive chairman of Vedanta Ltd”.

He replaces his brother Navin, who will now be the Executive Vice Chairman of the Board.

The changes followed chief executive officer S Venkatakrishnan resignation. He was replaced by Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd.

“The company will be run by a management committee comprising of CEO, CFO, CHRO and CCO who will take all key decisions collectively under the guidance of Chairman,” the statement said.

Besides the Agarwal brothers, Vedanta Ltd also has Anil’s daughter Priya as a board director. His trusted lieutenant Tarun Jain is also on the board.

Former Hindustan Unilever executive Arun Kumar GR is Chief Financial Officer.

Anil Agarwal’s other listed firm Hindustan Zinc Ltd is headed by his wife Kiran. He is the non-executive chairman of Sterlite Technologies Ltd, the only other Indian listed company in the group.

Source
ET Energy World
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