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Indian billionaire Anil Agarwal says he has no intention to buy assets from miner Anglo American after his family trust launched an audacious raid to buy as much as 12 per cent of the company.
He added that he believed in Anglo’s management and denied he is an activist investor in the company, making the investment in his personal capacity. He said he could help Anglo expand in India.
“There is no agenda from my side,” Mr Agarwal, chairman of FTSE 250-listed miner Vedanta Resources, told the FT Commodities Global Summit in Lausanne.
“There’s a lot of synergy between India and Anglo and Africa,” he continued. “If Anglo needs to expand their business I can be volunteer to navigate them without any intention – for them to have to have a foothold in India.”
Working with bankers at JPMorgan, Mr Agarwal’s family trust this month kicked off a process to acquire as much as £2bn worth of Anglo shares from investors, funded through a convertible bond.
Anglo announced a return to profitability last month and curtailed a radical strategy, dubbed shrink-to-survive, that involved exiting six commodities to focus on mining just three. It mines platinum, iron ore, thermal coal and diamonds in South Africa.