Bloomberg Billionaires Index

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#470 Anil Agarwal $4.37B

Random fact: Vedanta is one of six schools of Hindu philosophy.

Overview

Agarwal is the founder and largest shareholder of Vedanta Resources, an Indian metal processing and mining business. The Mumbai-based company mines copper, aluminum and zinc in Asia and Australia, and had revenue of $11.5 billion in the 2017 fiscal year. He's also a major shareholder in global miner Anglo American.

As of Feb. 19, 2018:
Last change +$30.3M (+0.7%)
YTD change +$441M (+11.2%)
Industry Industrial
Biggest asset AAL LN Equity
Citizenship India
Age 64
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Anil Agarwal's net worth of $4.37B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Agarwal's wealth comes from the 21 percent stake he acquired in Anglo American, the world's biggest producer of platinum, in two stock purchases in 2017, according to statements. He said he funded the purchases with mandatory exchangeable bonds issued by his family holding company and secured by Anglo shares.

He also has a stake of about 70 percent in Vedanta Resources, a publicly traded oil and metal producer. He owns the shares through Volcan Investments, a Bahamas-based holding company owned by a family trust, according to the company's 2017 annual report.

The value of his cash investments is based on an analysis of dividends, insider transactions, taxes and market performance.

The press department for Vedanta didn't respond to email requests for comment on Agarwal's net worth.

Biography

Birthdate: 1/24/1954
Family: Married, 2 children
Education: Graduated, Commerce, King George International College

Anil Agarwal grew up in India's Bihar state. After dropping out of high school, he moved to Mumbai and became a scrap-metal dealer. In 2000, when the government sought to sell aluminum manufacturing Balco and zinc mining company Hindustan Zinc, Agarwal bid for control of both and won. He saw the opportunity as a global bull run was about to start in commodities, fueled by growing demand from China.

Vedanta Resources became the first Indian company to sell shares on the London Stock Exchange. Agarwal had approached Brian Gilbertson, the former chief executive officer of BHP Billiton, to become Vedanta's chairman, helping its initial public offering in 2003. Gilbertson left the company the following year. Agarwal made his foray into oil and gas when he bought 59 percent of Cairn India in 2011, gaining access to India's biggest onshore oilfield.

Agarwal has clashed with environmentalists. Remote tribes who believe their gods live in the bauxite-rich Niyamgiri hills in India rejected in 2013 Vedanta's plans for a $7.8 billion aluminum complex, where the company had sought to extract bauxite. The plight of the tribes attracted global attention from human rights activist Bianca Jagger and sparked protests on the streets of London. International investors including the Church of England sold their stock in the company, citing ethical concerns over the project.

In September 2014, he and his family decided to donate 75 percent of their wealth to charity after meeting Bill Gates.

Milestones
  • 1954 Anil Agarwal is born in the Indian state of Bihar.
  • 1976 Starts Vedanta Resources as a scrap company.
  • 2002 Buys majority stake in Hindustan Zinc from the government.
  • 2003 Vedanta begins trading in London.
  • 2007 Vedanta buys controlling stake in Sesa Goa, India's biggest iron-ore exporter.
  • 2009 Loses bid to buy U.S. copper mine Asarco for more than $2.5 billion.
  • 2010 Church of England sells Vedanta shares because of human right concerns.
  • 2011 Vedanta completes purchase of 59 percent stake in Cairn India.
  • 2013 Forms Sesa Sterlite by combining Sterlite Industries and Sesa Goa.
  • 2017 Company raises $1 billion via bond sale to refinance.