Millennium Post

Vedanta is not seeking buys now: Agarwal

Metal and mining conglomerate Vedanta Resources is not actively looking out for acquisitions at the moment but would consider if a good opportunity comes by, particularly in the oil sector, its chairman Anil Agarwal said on Friday.

'At the moment, our hands are tied up. But, if any opportunity comes up, we will look at it. We will look at oil (sector). It is good time to grow in India (in oil sector). At the moment, there is nothing in our drawing room,' Anil Agarwal said. Billionaire Agarwal, known as the 'turnaround man', has done 13 acquisitions to create the mining and metal giant.

Stating that none of the acquisitions have turned out to be a bad buy, Agarwal said: 'In last 10 years, I have acquired 13 companies. Normally when you work worldwide, out of 3 companies, one does not work. But, we have been fortunate, all 13 companies are doing great'.
Vedanta had acquired a majority stake of 58.5 per cent stake in Cairn India for $8.67 billion in December 2011.
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