Until three years ago, Anil Agarwal never thought he should branch into oil. Today the business helps the Indian mining magnate keep his place among billionaires.
Mining billionaire Anil Agarwal , who delivered 30 percent gains to shareholders in the past five years, plans to spend $9.6 billion to replicate the strategy of BHP Billiton Ltd. , a rival that’s posted smaller returns.
Vedanta Resources Plc , the mining company that agreed to buy control of oil explorer Cairn India Ltd. , said it won’t sell shares to repay the $6.5 billion of debt used to finance the deal.
The decision by India’s top investigating agency to probe a third billionaire-led mining deal in six months puts at risk government efforts to revive $160 billion of stalled projects.
"I never thought I'd go into oil."
- Anil Agarwal on Oct 30, 2013