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Vedanta to partner Anglo American to bid for coal mines in India - Mr Anil Agarwal

Coal News - Published on Thu, 12 Jul 2018

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Economic Times reported that diversified metals and mining group Vedanta will team up with international miner Anglo American to bid for coal mines in India for the next auctions, chairman Mr Anil Agarwal told ET in an interaction on 9 July. He also revealed that his plans to set up a manufacturing unit for liquid crystal display glass used in televisions and mobile phones is progressing well.

Mr Agarwal’s holding firm, Volcan Investments, had bought a structured product last year, giving him an option to buy up to 21% in Anglo American for about USD 6 billion by end of next year, though he maintained he’s happy with what he has right now.

Mr Agarwal said his relations with the top management as the "single largest shareholder” are amicable and professional and that his company will be a “good catalyst” when the international major decides to set foot in the subcontinent.

Mr Agarwal, expressing interest in partnering with them said that “I have told them (Anglo American) that you should look at India also. They are considering participating in coal auctions and are open to other opportunities.”

Mr Agarwal said that “India has huge potential but people sometimes do not know how to work here. I'm very comfortable working in India so I’ll be a very good catalyst for them.” Mr Agarwal added that “How we structure the entity, we will see when opportunity comes. It is not in my hands and I can just recommend them.” Anglo American declined to comment in an emailed response.

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Posted By : Joykumar Irom on Thu, 12 Jul 2018
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