Vedanta Resources To Create $10 Billion Fund
Vedanta Resources to create $10 billion funds, Anil Agarwal trying to buy government companies.
Anil Agarwal’s mining company Vedanta Resources Limited is eyeing other state-owned companies like Bharat Petroleum Corporation Limited (BPCL) and Shipping Corporation of India (SCI).
Vedanta Resources Limited is going to create a $10 billion fund for this. Explain that the government is trying to sell its entire 53 percent stake in BPCL, which is worth $6 billion.
Anil Agarwal said that the company is in the process of creating a 10 billion dollar fund. The company will create this fund with its own resources and external investments.
All large funds want to join us and money will not be a problem.
He said that this fund is being created keeping in mind about 10 years, which will buy the government stake in public companies and increase their profits before exiting from it.
Agarwal had earlier said that Vedanta will create a $10 billion fund in collaboration with London-based firm Centrix, which will buy a stake in PSUs.
Vedanta has completed the due diligence of BPCL, but the government has postponed plans to invite bids to sell its stake in the shipping corporation earlier this month.
Along with this, the government has also not given any date for inviting bids for BPCL and Shipping Corporation.
Now when this date will be told by the government, only then the process will proceed. At present, Vedanta Resources Limited is awaiting this date.
“We will bring this fund as soon as the government starts the disinvestment program. No one wants to pour money or charge fees and other costs.
Everything is ready and as soon as the government bids start, we will go ahead with it. Money is not a problem.”
Uproar in the stock market: Sensex fell by 1091 points, Nifty also fell by 1.8 percent
On the first day of the week, there was chaos in the stock market. The 30 companies index of BSE Sensex and NSE index Nifty saw a huge decline.
On Monday, Sensex opened at 59,023.97 points while it closed at 59,037.18 points on the last trading day. After this, with the opening of the market on Monday, there was a fall in Sensex.
Except for Bharti Airtel, all the Sensex companies were seen trading on the red mark.
