Vedanta's Anil Agarwal eyes non-executive role in 3-4 yrs
Metal king Anil Agarwal wants to hand over the reins of his $14-billion Vedanta Group to a professional chief executive over 3-4 years as he plans to take the mentoring role of non-executive chairman.business Updated: Nov 28, 2012 22:29 IST
Metal king Anil Agarwal wants to hand over the reins of his $14-billion Vedanta Group to a professional chief executive over 3-4 years as he plans to take the mentoring role of non-executive chairman.
"We are looking for a CEO in a couple of years' time to run this company, Vedanta. It is a couple of years (away). There is a plan," said Agarwal, 58.
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.