An Indian tycoon’s raid on Anglo American is a riddle

Agarwal contemplates his next move

THE floors in the Mayfair mansion where Anil Agarwal, an Indian tycoon, lives in London are made of chequered marble. But the former scrap-metal dealer, whose home was once owned by the Rothschild family, is much less black and white. On his startling purchase this year of 21% of the shares of Anglo American, one of the world’s best-known mining groups, he is sphinx-like. The only thing that is clear is his ambition to be one of the world’s biggest mining moguls. Anglo American is part of that vision.

Mr Agarwal, 63, has made most of his fortune betting on India—often with borrowed money. His sales pitch is simple. India, like China, is a country with galloping demand for raw materials. Unlike China, its metals consumption per person is still as much as 80% below the global average. His sprawling array of firms, which are listed as Vedanta Limited and Hindustan Zinc in India and Vedanta Resources in London, are mainly a...

via Business Feeds

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