Vedanta chief Anil Agarwal is teaming up with London-based Centricus Asset Management to seek investments in Indian companies offering substantial growth opportunities, according to a statement. They will look to turn around companies being sold off as part of the country’s $29 billion divestment program.
Agarwal made a fortune buying state companies and fixing them up, building a metals and mining powerhouse under the umbrella of Vedanta Resources. He’s now seeking to repeat that success, betting he can spot gems among the dozens of companies being put on the block by the government.
The billionaire plans to help former government companies accelerate their transformation into private-sector firms with professional management, according to the statement. Vedanta is among the parties that have expressed interest in acquiring stake in Bharat Petroleum. Agarwal and Centricus have been seeking to raise capital from international investors to deploy in such turnaround opportunities. They have been planning a fund with a 10-year life span that will use a private equity-type strategy, buying into companies and boosting their profitability before seeking an exit, a person with knowledge of the matter has said.
