Earlier, Agarwal had refused to become chairman of Cairn India which Vedanta acquired in a $8.6-billion deal last year, marking its foray in to the oil and gas sector.
His brother Naveen Agarwal became the chairman of Cairn India and his daughter Priya Agarwal took a board position.
Patna-born billionaire Anil Agarwal, who started as a metal scrap dealer, said he would spend his time on philanthropy and social work after turning into a non-executive chairman.
"I am going to put 70% of my time, I am thinking of child care and university - the two things in my mind... I enjoy everything which I do. I am looking forward to whether I can change my profession and keep 30% (of my time) for the company and 70% towards eradicating poverty and child care," he said.