Difference between revisions of "Anil Agarwal"
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Anil Agarwal is CEO and 62% shareholder of [[Vedanta]], a [[London Stock Exchange]] registered Indian mining company. In 2011 he was the Sunday Times Rich List's 17th Richest man in UK with a net worth of £3.81 billion and a £20 million home in Mayfair<ref>6th May 2011 [http://www.therichest.org/nation/sunday-times-rich-list-2011/ Sunday Times Rich List 2011] Accessed 20/7/11</ref>. Forbes believes him to be the 154th richest man on the planet<ref>Forbes [http://www.forbes.com/profile/anil-agarwal Forbes Profile of Anil Agarwal] Accessed 20/7/11</ref>. He is also a director of Vedanta's subsidiaries [[BALCO]], [[Sesa Goa]], [[Copper Mines Of Tasmania]], [[Hindustan Zinc]] and [[Sterlite]]<ref>Business week [http://investing.businessweek.com/research/stocks/people/person.asp?personId=340363&ticker=VDNRF:US Profile of Anil Agarwal] Accessed 20/7/11</ref>. | Anil Agarwal is CEO and 62% shareholder of [[Vedanta]], a [[London Stock Exchange]] registered Indian mining company. In 2011 he was the Sunday Times Rich List's 17th Richest man in UK with a net worth of £3.81 billion and a £20 million home in Mayfair<ref>6th May 2011 [http://www.therichest.org/nation/sunday-times-rich-list-2011/ Sunday Times Rich List 2011] Accessed 20/7/11</ref>. Forbes believes him to be the 154th richest man on the planet<ref>Forbes [http://www.forbes.com/profile/anil-agarwal Forbes Profile of Anil Agarwal] Accessed 20/7/11</ref>. He is also a director of Vedanta's subsidiaries [[BALCO]], [[Sesa Goa]], [[Copper Mines Of Tasmania]], [[Hindustan Zinc]] and [[Sterlite]]<ref>Business week [http://investing.businessweek.com/research/stocks/people/person.asp?personId=340363&ticker=VDNRF:US Profile of Anil Agarwal] Accessed 20/7/11</ref>. | ||
| − | == | + | ==Accusations of corruption and violations of law== |
| − | [[Vedanta]]'s bauxite mining and refining operations at Niyamgiri have come under major international scrutiny and criticism for illegal land acquisition, pollution and corruption. Indian Home minister [[P. Chidambaram]]- a former director of Vedanta, stepped down a day before becoming Finance Minister in 2004<ref>Indian Business Standard, New Delhi August 09, 2006 [http://www.business-standard.com/india/news/chidambaram-faces-flakvedanta-links/257339/ Chidambaram faces flak on Vedanta links] Accessed 20/7/11</ref> | + | [[Vedanta]]'s bauxite mining and refining operations at Niyamgiri have come under major international scrutiny and criticism for illegal land acquisition, pollution and corruption. Indian Home minister [[P. Chidambaram]]- a former director of Vedanta, stepped down a day before becoming Finance Minister in 2004.<ref>Indian Business Standard, New Delhi August 09, 2006 [http://www.business-standard.com/india/news/chidambaram-faces-flakvedanta-links/257339/ Chidambaram faces flak on Vedanta links] Accessed 20/7/11</ref> Anil Agarwal has also made large donations to the two biggest political parties in India. |
The advisory committee of India’s Supreme Court condemned the process of environmental clearance at Niyamgiri which it said ‘smacks of undue favour/leniency’. A top panel of experts put together by India’s Environment Minister has described the ‘appalling degree of collusion’ of local officials with [[Vedanta]]’s ‘total contempt for the law’ while Norway’s Council on Ethics accused the company and it's chairman of ‘corruption, fraud, forgery, manipulation of share prices, and insider trading.’<ref>Survival International [http://www.survivalinternational.org/about/anil-agarwal Background briefing: Anil Agarwal] Accessed 20/7/11</ref>. | The advisory committee of India’s Supreme Court condemned the process of environmental clearance at Niyamgiri which it said ‘smacks of undue favour/leniency’. A top panel of experts put together by India’s Environment Minister has described the ‘appalling degree of collusion’ of local officials with [[Vedanta]]’s ‘total contempt for the law’ while Norway’s Council on Ethics accused the company and it's chairman of ‘corruption, fraud, forgery, manipulation of share prices, and insider trading.’<ref>Survival International [http://www.survivalinternational.org/about/anil-agarwal Background briefing: Anil Agarwal] Accessed 20/7/11</ref>. | ||
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==History== | ==History== | ||
Revision as of 22:33, 20 July 2011
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This article is part of the Mining and Metals project of Spinwatch |
Anil Agarwal is CEO and 62% shareholder of Vedanta, a London Stock Exchange registered Indian mining company. In 2011 he was the Sunday Times Rich List's 17th Richest man in UK with a net worth of £3.81 billion and a £20 million home in Mayfair[1]. Forbes believes him to be the 154th richest man on the planet[2]. He is also a director of Vedanta's subsidiaries BALCO, Sesa Goa, Copper Mines Of Tasmania, Hindustan Zinc and Sterlite[3].
Accusations of corruption and violations of law
Vedanta's bauxite mining and refining operations at Niyamgiri have come under major international scrutiny and criticism for illegal land acquisition, pollution and corruption. Indian Home minister P. Chidambaram- a former director of Vedanta, stepped down a day before becoming Finance Minister in 2004.[4] Anil Agarwal has also made large donations to the two biggest political parties in India.
The advisory committee of India’s Supreme Court condemned the process of environmental clearance at Niyamgiri which it said ‘smacks of undue favour/leniency’. A top panel of experts put together by India’s Environment Minister has described the ‘appalling degree of collusion’ of local officials with Vedanta’s ‘total contempt for the law’ while Norway’s Council on Ethics accused the company and it's chairman of ‘corruption, fraud, forgery, manipulation of share prices, and insider trading.’[5].
History
Anil Agarwal was born in Patna, India and began his industrial career as a scrap metal trader. He founded Vedanta in 1976 as a cable manufacturer and went on to help the Indian government privatise mining and establish India's first copper smelting plant. He floated Vedanta on the London Stock Exchange in 2003 with the help of JP Morgan Cazenove's top dealmaker Ian Hannam. [6][7]. Agarwal was awarded Ernst and Young Entrepreneur of the Year in 2008[8]
Views
The Guardian quotes Agarwal on his rags to riches need to boost his sense of self worth with a flamboyant lifestyle. He says;
- "I have to do things differently. I have to project myself. I have to have a Bentley, the best of chauffeurs and butlers. All these add to the confidence,"[9]
Resources
Notes
- ↑ 6th May 2011 Sunday Times Rich List 2011 Accessed 20/7/11
- ↑ Forbes Forbes Profile of Anil Agarwal Accessed 20/7/11
- ↑ Business week Profile of Anil Agarwal Accessed 20/7/11
- ↑ Indian Business Standard, New Delhi August 09, 2006 Chidambaram faces flak on Vedanta links Accessed 20/7/11
- ↑ Survival International Background briefing: Anil Agarwal Accessed 20/7/11
- ↑ Nick Mathiason, Tuesday 28 July 2009Profile: Anil Agarwal The Guardian. Accessed 20/7/11
- ↑ Emiliya Mychasuk, August 24 2010, The Financial Times Absent friends Accessed 20/7/11
- ↑ Ernst and Young website Entrepreneur of the year 2008 Accessed 20/7/11
- ↑ Nick Mathiason, Tuesday 28 July 2009Profile: Anil Agarwal The Guardian. Accessed 20/7/11
