Vedanta to establish $10 billion fund to bid for BPCL stake

Vedanta Resources Ltd, a mining company, aims to establish up a $10 billion fund to bid for assets,
including the Indian government’s interest in Bharat Petroleum Corp Ltd (BPCL), according to the
company’s chairman.
The Indian government is attempting to privatise state-owned refiner BPCL by selling a near 53
percent share in the company to private groups for just over $6 billion.
In a Dubai interview, Anil Agarwal claimed, “We are in the midst of building a $10 billion fund.” “It will
examine not only (BPCL), but also other corporations that are being privatised. It will also look into
the possibilities of those businesses.”
The fund will be made up of internal resources and outside investment, according to Agarwal, who
added that the BPCL acquisition could be financed through debt.
“We’ll figure out a structure,” he said. “We’re conducting our due diligence.” “As soon as the date is
set, we’ll solidify our plans and figure out how we’ll get the money.”
“There isn’t a single significant fund that doesn’t want to work with us. Money will never be an issue
for you “he added.
Vedanta Resources, based in London, has expanded its annual revenues from $1 million to over $15
billion in the last decade, thanks to Agarwal’s vision.
In addition to its operations in India, the company has mining holdings in South Africa as well as a
precious metal refinery and copper rod mill in the Fujairah Free Zone of the United Arab Emirates.
In Saudi Arabia, it is also looking for additional zinc, gold, and magnesium mines. According to
Agarwal, $2 billion in investment will be necessary to take advantage of the kingdom’s prospects.
“They (Saudi Arabia) will release comprehensive details in March,” he stated. “They’re inviting serious,
interested people to come in and participate in joint ventures,” says one participant.
Agarwal also stated that the company aspires to be carbon-neutral by 2050 and will invest $5 billion in
the medium term to do so.