‘Not only about succession, creating an institution that will last 500 years’: Anil Agarwal at HTLS
Priya Agarwal Hebbar said she has a few changes in mind for the business her father has built
NEW DELHI: Vedanta Group founder Anil Agarwal on Saturday said his daughter Priya Agarwal Hebbar could be a successor to his personal wealth, but the family at the head of the mining conglomerate is focused on building an institution which will be more inclusive and with a vision spanning the next 500 years.
Speaking at the 22nd Hindustan Times Leadership Summit on Saturday, Agarwal said: “I am sure she will take it forward but the institution is going to be run by the people for the people... She can be a successor of my personal wealth, but we are creating an institution that will be there for 500 years.”
Hebbar, who is chairperson of Vedanta subsidiary Hindustan Zinc and non-executive director of Vedanta, said she has a few changes in mind for the business her father has built.
“Vedanta has to stand for equal opportunities for all,” she said. “We were the first company in India to get women underground and working in mines.” She also wants to ramp up support for the LGBTQ+ community.
The Vedanta Group founder said the mining giant is looking to expand its presence in the metals and mining sector with plans to ramp up production across key commodities.
The group aims to produce 3 million tonnes of zinc, increase aluminium output by another 3 million tonnes, and become one of the world’s largest producers of copper and silver. The group is also looking to produce 500,000 barrels of oil, but Agarwal did not give a timeline.
The company is also looking forward to playing a crucial role in the global energy transition. “We have committed that three of our biggest companies, Hindustan Zinc Ltd, Cairn Oil and Gas, and Zinc International, will be running on 100% renewable energy within the next 7-10 years,” said Hebbar.
“Energy transition can only happen with a focused approach on critical minerals and energy transition metals,” Hebbar said. “It’s absolutely crucial that we should do as much of this domestically. We have only explored 20% of our natural resources.”
HZL was ranked number one in the 2023 S&P Global Corporate Sustainability Assessment (CSA) for the metals and mining sector, while Vedanta Ltd. secured the third position.
On the semiconductor front, entering the industry does not seem to be Vedanta’s stronghold, but the mining giant’s founder said it can be done with the support of the government and the people. “If everyone is with me and I am still working, because this is not my core strength, I can definitely deliver,” said the Vedanta founder, appreciating other companies in the market, such as Tata and Adani for their semiconductor move.
The Vedanta founder also said he is looking to set up a ‘meaningful business’ in Bihar, but is waiting for the right time.
All the minerals are available in Bihar. “It’s only a question of time. There’s a strong government, 30 crore (300 million) people. Industry and tourism will come.”