Anil Agarwal wants to model Vedanta on lines of GE
The Patna-born mining mogul Anil Agarwal plans to convert his group Vedanta Resources Plc into a GE-like institution -- a board-run conglomerate run by best professionals -- as he does not see his children taking over the mantle from him. Undeterred by the slump in commodity prices eroding his net worth by a few hundred million dollars, Agarwal, 63, is planning new investments across businesses -- from metals to oil and gas.
In an interview, he said commodities markets would recover next year after a spell of consolidation in 2016. “My children will not come (and take over from me). They are doing their own thing,” he said at his recently done-up residence here. Vedanta, he said, “will be an institution, something like GE.
Fundamentally it has to be aggressive, low cost and innovative. And it should be able to attract the best of people”. General Electric Company (GE), incorporated on April 15, 1892, is a diversified infrastructure and financial services company, which is 57.5 per cent owned by institutions.