Dubai: Vedanta Resources Ltd Mining Company plans to create $ 10 billion to make assets including government shares in Bharat Petroleum Corp.
Ltd (BPCL), he told Reuters on Thursday.
The government strives to privatize the government managed BPCL Restiner by selling 53% of its shares in the company, worth more than $ 6 billion, to private entities.
“We are in the process of creating $ 10 billion,” said Anil Agarwal in an interview in Dubai.
“It will not only see (BPCL) but there are other companies that are privatized.
This will see the potential of the companies too.” The funds will consist of its own resources and outside investment, Agarwal said, adding that it can also finance the acquisition of BPCL through debt.
“We will compile structures, we conduct a thorough test,” he said.
“As soon as the date arrives, we will tighten and exercise about how we take money and do it.” “There are no big funds who don’t want to get along with us in general.
Money will never be a problem,” he added.
Vedanta resources headquartered in London, founded by Agarwal in 2003, has fostered annual income from $ 1 million to more than $ 15 billion in the past decade.
As well as its operations in India, the group has mining interests in South Africa and valuable metal refineries and copper rods in the Fujairah Free Zone of the United Arab Emirates.
It also explores opportunities for new Zinc, Gold and Magnesium mines in Saudi Arabia.
Agarwal said the $ 2 billion investment will be needed to take advantage of opportunities in the kingdom.
“They (Saudi Arabia) out in March with complete details,” he said.
“They invite very serious people and are interested in coming and participating and seeing joint ventures.” Agarwal also said the company aims to become zero-carbon in 2050, and will invest $ 5 billion in the medium term to reduce the carbon footprint.
‘Vedanta to create $ 10 billion to bid for BPCL’ shares
