OIL & GAS

Anil Agarwal ready with $10 billion war chest for India’s disinvestment program

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.

The entrepreneurial dynamism in India “can be harnessed to unlock incredible transformation in the public sector,” Agarwal said in the statement. “We believe that this strategy can, and will, play a crucial role in the country’s ongoing industrialization.”

Source
ET Energy World
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