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The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024. <h2> </h2><h2>25. Tom Morris and family</h2>Net Worth: £6.673bn Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest. <h2>24. Anders Holch Povlsen</h2>Net Worth: £6.73bn Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner. <h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets. <h2>22. John Reece</h2><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background. <h2>21. Andy Currie</h2><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets. <h2>20. Denise, John, and Peter Coates</h2>Net Worth: £7.467bn The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform. <h2>19. Lord Bamford and family</h2><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK. <h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2>Net Worth: £7.937bn Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <h2>17. Carrie and François Perrodo and family</h2>Net Worth: £9.168bn The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest. <h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2>Net Worth: £9.188bn The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education. <h2>15. Barnaby and Merlin Swire and family</h2>Net Worth: £9.986bn The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong. <h2>14. The Duke of Westminster and the Grosvenor family</h2>Net Worth: £10.127bn The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group. <h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2>Net Worth: £11.751bn Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries. <h2>12. Michael Platt</h2>Net Worth: £12bn Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees. <h2>11. Alex Gerko</h2>Net Worth: £12.055bn Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth. <h2>10. Kirsten and Jorn Rausing</h2>Net Worth: £12.634bn The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK. <h2>9. John Fredriksen and family</h2>Net Worth: £12.867bn Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors. <h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2>Net Worth: £14.493bn The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry. <h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> <div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens. <h2>6. Idan Ofer</h2>Net Worth: £14.96bn Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid. <h2>5. Sir James Dyson and family</h2> Net Worth: £20.8bn Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation. <h2>4. Sir Jim Ratcliffe</h2><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier. <h2>3. David and Simon Reuben and family</h2>Net Worth: £24.977bn The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade. <h2>2. Sir Leonard Blavatnik</h2>Net Worth: £29.246bn Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate. <h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.

These are the top 25 richest people in Britain

The <keyword id="20161017" type="General" weightage="20" keywordseo="Vedanta-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Vedanta Group" meta.hostid="153" meta.entityid="Vedanta Group">Vedanta Group</keyword> is aiming to invest USD 20 billion across all its businesses in India over the next four years, its Chairman <keyword id="19919725" type="General" weightage="20" keywordseo="Anil-Agarwal" source="keywords">Anil Agarwal</keyword> said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told PTI on the sidelines of a company event. "At the moment, we have a plan to invest USD 20 billion across sectors in four years time," Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Semi-conductors and glass -- used in making smartphones and laptops screens -- are very essential from a future perspective, he said, adding that the group is present in both the businesses already. It has land in Gujarat for a <keyword id="19920003" type="General" weightage="20" keywordseo="semiconductor" source="keywords">semiconductor</keyword> plant and is scouting for a credible and strong partner, he said. On the glass front, it is already into manufacturing in other countries but not in India, Agarwal said, hinting that the plan would involve undertaking some capacity building locally. Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price. "We are committed... if we get the right price to divest it," he said, adding that if the group doesn't get the right price, it will choose to continue running the business by itself. He said the steel business is profitable and has really committed people who can ensure that it continues going ahead. Amid concerns around the debt position of the company, Agarwal said the overall debt of the company stands at only USD 12 billion at present and seemed to suggest that the same is manageable. He said the group has never defaulted on any of its debt repayment commitments, and that each of the businesses will require heavy investments if it were to be started from scratch. The London-based billionaire said he "is in very critical areas" and added that every developed economy has made it big by focusing on minerals under the ground. He rued that there are concerns on the environmental impact of mining in India. Foreign investors are very keen to take bets on India, he said, hoping for "simplification and encouragement for entrepreneurs after the elections". The billionaire from Bihar said he wants to play the role of a catalyst in helping his home state grow, but "there is a need for strong support from the policy front for it". <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> wants to take the total number of Nand Ghars -- under which it takes care of children's nutritional requirements in villages -- to 25,000 over the next two years from the present 6,000, Agarwal, who was speaking on the sidelines of an event to announce scaling up of the group's philanthropic activities, said. The ultimate plan is to increase the number of beneficiaries to over 7 crore children and 2 crore women, he said. Agarwal said the group may also look at investing in the entertainment business going forward but did not offer any timeline or investment details. All successful corporates in the world have interests in education, healthcare, sports and entertainment, he said, conceding that he "does not understand entertainment a lot". More than profits, entertainment has to be looked at a means to instil the right cultural values, he added. 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Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

<keyword id="28423" type="General" weightage="50" keywordseo="vedanta" source="Orion">Vedanta</keyword> group firm <keyword id="332980" type="General" weightage="50" keywordseo="hindustan-zinc-ltd" source="Orion">Hindustan Zinc Ltd</keyword> on Wednesday said its board has approved a second interim <keyword id="56600" type="General" weightage="20" keywordseo="dividend" source="Orion">dividend</keyword> of Rs 6 per equity share for FY24, amounting to Rs 2,535.19 crore. "The board of directors of the company through resolution passed by circulation on Wednesday, December 6, 2023 have approved 2nd interim dividend of Rs 6 per equity share i.e. 300 per cent on face value of Rs 2 per share for the Financial Year 2023-24 amounting to Rs 2,535.19 crores," the company said in a stock exchange filing. The interim dividend will be paid within stipulated timelines, it said. The company had announced its first interim dividend of Rs 7 per share in July this year. <keyword id="720166" type="General" weightage="50" keywordseo="billionaire-anil-agarwal" source="Orion">Billionaire Anil Agarwal</keyword> is considering a major restructuring of his profitable zinc unit <keyword id="115997" type="General" weightage="100" keywordseo="hindustan-zinc" source="Orion">Hindustan Zinc</keyword> Ltd to help the Vedanta group reduce its debt. Hindustan Zinc Ltd had earlier said that it could create separate legal entities for its zinc and lead, silver, and recycling businesses to help capitalise on "distinct market positions" and attract investors. A committee of directors will evaluate the options and advise the board, along with external advisers. Hindustan Zinc is world's second largest integrated zinc producer and fifth largest silver producer. The company holds about 80 per cent of the growing zinc market in the country, having its headquarters at <keyword id="42774" type="General" weightage="50" keywordseo="udaipur" source="Orion">Udaipur</keyword> and zinc, lead mines and smelting complexes spread across Rajasthan. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-announced-new-flagship-smartphone-oneplus-12-with-up-to-24gb-ram/articleshow/105756057.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-announced-new-flagship-smartphone-oneplus-12-with-up-to-24gb-ram/articleshow/105756057.cms" target="_blank">OnePlus 12 debuts with bigger battery, up to 24GB RAM and more</a><a href="https://www.businessinsider.in/sports/webstories/indias-tour-of-south-africa-squads-schedule-where-to-watch-and-more/slidelist/105755174.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-tour-of-south-africa-squads-schedule-where-to-watch-and-more/slidelist/105755174.cms" target="_blank">India’s tour of South Africa – Squads, schedule, where to watch and more</a> <a href="https://www.businessinsider.in/india/news/noida-woman-scammed-11-lakh-in-digital-arrest-scam-everything-you-need-to-know/articleshow/105727970.cms">Noida woman scammed ₹11 lakh in digital arrest scam – everything you need to know</a>

Hindustan Zinc board approves dividend of Rs 2,535.19 crore

<keyword id="6355267" type="General" weightage="20" keywordseo="mining" source="Orion">Mining</keyword> mogul <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> has said his <keyword id="28423" type="General" weightage="20" keywordseo="vedanta" source="Orion">Vedanta</keyword> group has ample cash flow to service all its <keyword id="44647" type="General" weightage="20" keywordseo="debt" source="Orion">debt</keyword> repayment obligations and that it aims to become a "net <keyword id="817349" type="General" weightage="20" keywordseo="zero-debt" source="Orion">zero debt</keyword> company" in 2-3 years. Agarwal said questions over Vedanta's debt servicing ability are "absolutely irrelevant" as the group will make USD 9 billion of profits next year on revenue of USD 30 billion, which would be sufficient to meet all obligations. The comments by the former scrap metal trader turned industrialist come at a time when scrutiny of highly leveraged Indian conglomerates grows following a US short seller attack on the Adani group. "We have the lowest debt in the world for a group of our size," Agarwal, founder, and chairman of Vedanta Resources, told PTI in an interview here. And the debt is a result of investing billions of dollars across businesses, he said. "Total debt in the company is USD 13 billion. And we have a profit this year of USD 7 billion. Next year our revenue would be USD 30 billion and we will have USD 9 billion profit" across the group. The cash flows are more than sufficient to meet debt servicing obligations. "We are very comfortable," he said. "We have never defaulted to make any payment. We always have a plan to make the payments." Earlier this week, Vedanta Resources Ltd, the parent company of Mumbai-listed mining giant Vedanta Ltd, said it has paid all its maturing loans and bonds due this month to reduce its gross debt by a further USD 1 billion. Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by USD 4 billion within 3 years, of which it has achieved 75 per cent of the committed reduction in 14 months. Agarwal said it is "absolutely irrelevant" to talk about the debt payment capability of the group. The group, whose business spans from zinc to silver, iron ore to aluminium and oil and gas, borrows the bare minimum, and "we have enough cash flow to service that debt," he said. He went on to state that the group would be a net zero debt company in 2-3 years' time. "At the moment the plan is that in 2-3 years we will be a net zero debt company," he said hastening to add that the group may have to borrow in pursuit of its aggressive expansion plans. Diversified natural resources conglomerate plans building capacities in zinc, oil and gas, and aluminium businesses as it believes supply will remain a challenge in the commodities' space in the medium term. The group, which has already invested USD 35 billion in the country so far, plans to become a USD 100-billion company by 2030. Vedanta is also foraying into the manufacturing of semiconductor and display fabs and signed an initial pact with Apple supplier Foxconn to set up a manufacturing facility in Gujarat. India is 100 per cent import-dependent for fabs and semiconductors with domestic consumption expected to cross USD 80 billion by 2026 and touch USD 110 billion by 2030. "Yes 100 per cent within a maximum of 2-3 years time, we will be zero debt company. But we have to do a lot in India. We have to create semiconductors (factory), we have to create display glass (factory), we have to expand our copper (business), we have to expand our aluminium (business), we have to expand oil and gas (operations), this is important. At that point, we might have to take debt (but) we have no plan (as of now)," he said. S&amp;P Ratings on April 3 stated that Vedanta will likely have enough liquidity until December. US short-seller Hindenburg Research's damning report on billionaire tycoon Gautam Adani's infrastructure conglomerate this year triggered a stock market routing that had erased about USD 145 billion in his group's market value at its lowest point. Adani group has denied all allegations by Hindenburg and is plotting a comeback strategy. Agarwal dismissed concerns about paying upcoming liabilities, stressing his commodities businesses were generating enough cash to service debt. 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Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt

<keyword id="99389" type="General" weightage="20" keywordseo="vedanta-resources" source="Orion">Vedanta Resources</keyword> Limited (<keyword id="28423" type="DOMAIN" weightage="100" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>), the parent company of Mumbai-listed mining giant <keyword id="11969166" type="DOMAIN" weightage="100" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword>, on Wednesday said it has further repaid USD 400 million of loans, cutting gross debt to USD 6.4 billion. In a statement, the firm helmed by billionaire <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> said it "has paid all its maturing loans and bonds due in May and June 2023.. "As such, gross debt has further reduced to USD 6.4 billion, a USD 3.3 billion reduction since Vedanta announced its deleveraging ambition in March 2022," it said. CreditSights, a Fitch Group firm, had last week stated that it saw lower refinancing risk for Vedanta Resources Ltd's (VRL) near-term debt maturities on a new USD 850 million loan refinancing. "Looking ahead, while we estimate more funds need to be raised to fully fund VRL's estimated USD 2.1 billion of FY24 (April 2023 to March 2024 fiscal year) debt refinancing needs (USD 850 million covered, implying a gap of USD 1.25 billion), we think VRL still has multiple funding avenues to tap onto. These include share pledges and dividend upstreaming," it had said. The firm had last on April 24 stated that it had cut gross debt to USD 6.8 billion after repayments. "Vedanta is targeting further debt reduction during the balance of FY24, and ultimately intends to lower gross debt towards zero," the company statement said Wednesday. "This will be aided by our expectations of robust demand, particularly in India, coupled with strong operational performance from our world-class asset base.. Vedanta's gross debt as of today stands at USD 6.4 billion, down from USD 6.8 billion at the end of April 2023, USD 7.8 billion at the end of March 2023, and USD 9.7 billion at the end of March 2022. It however did not indicate a timeline for reaching zero gross debt. "We remain aware of refinancing risk on VRL's USD 4.1 billion debts due in FY24, for which VRL will likely have to rely heavily on external fundraising for a USD 2.1 billion refinancing and an additional USD 950 million to plug a funding gap. "At this point, we would still lean towards VRL being successful at tying up its USD 2.1 billion of fundraising, given VRL's track record of 'going to the brink and succeeding', recent debt reductions, recent fresh fundraising efforts and that we think various alternative funding channels remain open for VRL, despite the tighter bank funding conditions," CreditSight had said. These avenues include pledging of promoter stake in the main operating company Vedanta Ltd and further dividend upstreaming from operating companies. "We also think VRL's timely debt repayments thus far and recent refinancing progress could support lending sentiment," it had said. "We caution of execution risk: VRL's refinancing of the USD 1-1.25 billion loan is not finalised yet and a lack of progress, a failure of refinancing talks, or its inability to tie up the loan for late-FY24 pose downside risks to our recommendation." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fintech-unicorn-taxfix-lays-off-120-employees-to-cut-costs/articleshow/100646092.cms">Fintech unicorn Taxfix lays off 120 employees to cut costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-metro-launches-whatsapp-based-ticketing-service-on-airport-line/articleshow/100646250.cms">Delhi Metro launches WhatsApp-based ticketing service on Airport Line</a>

Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion

<ul><li><keyword id="781" type="General" weightage="100" keywordseo="agarwal" source="Orion">Agarwal</keyword> donated the award money to a Canadian health charity working for the welfare of native Indians.</li><li>The mining tycoon lauded the achievements of the 1.6 million-strong Indo-Canadian community.</li><li>He said India and Canada have many similarities and they complement each other in many fields.</li></ul> <keyword id="28423" type="General" weightage="50" keywordseo="vedanta" source="Orion">Vedanta</keyword> founder Anil Agarwal was honoured with the Global Indian Award worth $50,000 by the Canada-India Foundation at its 15th annual gala here at the weekend. Agarwal donated the award money to a Canadian health charity working for the welfare of native Indians. Accepting the award at a star-studded gala event that included <keyword id="179419" type="General" weightage="50" keywordseo="ontario" source="Orion">Ontario</keyword> Premier <keyword id="275133" type="General" weightage="50" keywordseo="doug-ford" source="Orion">Doug Ford</keyword>, ministers and Indian consul general Apoorva Srivastava, the mining tycoon lauded the achievements of the 1.6 million-strong Indo-Canadian community in this country. "I have gone all over the world, but I have not seen the kind of bonding in the Indian diaspora anywhere that I see in Canada. Take your businesses to the skies and make Canada proud. You live in the best country in the world," Agarwal said. He said India and Canada have many similarities and they complement each other in many fields. "Together, the two countries can do phenomenal work." The Vedanta founder said India has been a poor country. "But the time has reversed. The $3-trillion economy is going to be a $30 trillion economy in the coming years. The middle class that is 20 per cent today is going to be 80 per cent in the next six-seven years. We are going to build 150 big cities in India. Indians may be 20 years behind Canada in terms of lifestyle, but their aspirations are so high that with a population of 1.4 billion you can just imagine the (sheer amount of) demand." Ontario Premier Doug Ford praised the Indian tycoon for this charity. "I cannot think of any more deserving person (for the award) than Anil Agarwal whose generosity has improved the lives of so many people. You are a role model and an inspiration, Anil," the Ontario Premier said. Welcoming Agarwal to the gala event, <keyword id="154015" type="General" weightage="50" keywordseo="canada-india-foundation" source="Orion">Canada India Foundation</keyword> chairman <keyword id="321083" type="General" weightage="50" keywordseo="satish-thakkar" source="Orion">Satish Thakkar</keyword> said, "Mr Agarwal's life story is one that should inspire every youngster growing up, to dream big and persevere to fulfill the dream. As a person who has pledged to give 75 percent of his wealth to charity, Mr. Agarwal is also a philanthropic role model for all. On behalf of CIF and all present, I extend a very very very warm welcome to Mr Agarwal." <keyword id="6360722" type="General" weightage="50" keywordseo="ratan-tata" source="Orion">Ratan Tata</keyword>, Dr A.P.J. <keyword id="5141" type="General" weightage="50" keywordseo="abdul-kalam" source="Orion">Abdul Kalam</keyword> and <keyword id="57060" type="General" weightage="50" keywordseo="deepak-chopra" source="Orion">Deepak Chopra</keyword> among the past recipients of the Global Indian Award started by this premier Indo-Canadian organization in 2007. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/appointment-on-compassionate-ground-concession-not-a-right-sc/articleshow/94615988.cms">Appointment on compassionate ground concession not a right: SC</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/seven-assembly-bypolls-in-six-states-on-nov-3-ec/articleshow/94615301.cms">Seven assembly bypolls in six states on Nov 3: EC</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/jiobook-a-4g-enabled-budget-laptop-is-expected-to-launch-soon-at-15000/articleshow/94613338.cms">JioBook, a 4G-enabled budget laptop is expected to launch soon at ₹15,000</a>

Vedanta founder Anil Agarwal honoured with Global Indian Award in Canada

<ul><li>Metal and mining magnate <keyword id="6354819" type="General" weightage="100" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword> has announced investments of ₹1.8 lakh crore in the past one week.</li><li>After building his fortune with metals, <keyword id="781" type="General" weightage="80" keywordseo="agarwal" source="Orion">Agarwal</keyword> is now turning his gaze to semiconductor chips, a key to the modern world’s lifestyle.</li><li>Here’s the story of a boy from Bihar who made it, knowing only two English words – “yes” and “no”.</li></ul> Metal and mining magnate Anil Agarwal is in the news yet again – this time around, it’s for announcing an investment of ₹1.54 lakh crore to set up a semiconductor chipset manufacturing plant in Gujarat, in partnership with Taiwan-based Foxconn. In the same breath, Agarwal also announced an investment of ₹25,000 crore in Odisha – a key investment for <keyword id="28423" type="General" weightage="20" keywordseo="Vedanta" source="Orion">Vedanta</keyword> – topping up his initial investment of ₹80,000 crore in the coastal state. Clearly, money’s not in short supply for Agarwal, but it wasn’t always the case for the man who hails from Bihar and knew only two English words – “yes” and “no” – when he came to Mumbai in the 1970s. Over the past five decades and then some, Agarwal built a metal and mining empire and got the first Indian company listed on the London Stock Exchange – Vedanta. So how did a boy from Bihar who knew the two most basic English words go onto list his company in the heart of the English world? Here’s a peek into how. <div type="Article" hostid="261" msid="86453777" title="Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Starting small" comment="subhead" text="Starting small">Starting small</cmsannotation> Agarwal was a teenager when he joined his father’s business of aluminum conductors and scrap metal trading. Born in a marwadi family, taking up his family business might seem like such an obvious – yet stereotypical – thing to do. While his father’s business was not where he would make money, it would become a founding block of his future success. <cmsannotation type="cmsannotation" annotationid="City of dreams calling" comment="subhead" text="City of dreams calling">City of dreams calling</cmsannotation> At 19, Agarwal left the comfort of his family home and Patna, leaving for the hustle of Bombay. It would take two more decades for the city that made him rich to be renamed to Mumbai, and a lot would change in Agarwal’s life in this time. Agarwal never went to a college, let alone a business school. But within a small time, he acquired his first company which was on the brink of bankruptcy. Unsurprisingly, it was a copper company named Shamsher Sterling Corporation. He cobbled up ₹16 lakh – a handsome amount for the 1970s – from his own savings, friends and family. Agarwal still ran his primary business of trading in scrap metal – for the next 10 years, he ran both side by side. In 1986, he created Sterlite Industries which would go on to become the largest producer of copper in India, but its beginnings were earnest and small. The company launched an IPO in 1988 to finance its polythene-insulated jelly filled copper telephone cables plant. Seven years later, Agarwal acquired an 83% stake in Madras Aluminium, a ‘sick’ company, for ₹55 crore. This would set the tone for Agarwal’s business strategies over the next few decades, wherein he would identify undervalued assets and turn them around into huge revenue streams. For instance, Agarwal acquired a mine in Tasmania for a paltry sum of $2.5 million and turned it into a $100 million annual revenue stream. <div type="Article" hostid="261" msid="91829090" title="Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt" mstype="2" mssubtype="0"></div> He also acquired Hindustan Zinc, another PSU sold by the government as part of its divestment program, in 2002. At the time of acquisition, it was said that the company had a reserve for five years, and a manufacturing capacity of 1.5 lakh tonnes of zinc per annum. However, now the company is still operational and has expanded its capacity to 1 million tonnes. Agarwal<a href="https://www.bcg.com/publications/2014/anil-agarwal-simplicity-determination-vedanta-resources"> said</a> in an interview that the company has reserves for another 40 years. <cmsannotation type="cmsannotation" annotationid="From an 8x9 feet rented office in Mumbai to London" comment="subhead" text="From an 8x9 feet rented office in Mumbai to London">From an 8x9 feet rented office in Mumbai to London</cmsannotation> When Agarwal arrived in Mumbai, all he had was a tiffin box and bedding. He shared a room with seven other people for ₹21. Agarwal rented out an 8x9 feet office to buy and sell scrap metal. Following decades of hard work, sharp business acumen and acquiring undervalued assets, it was time for Vedanta to go global. But what triggered Vedanta’s listing at the London Stock Exchange was Agarwal’s involvement with Harshad Mehta – in a bid to make a comeback, Mehta drove up the prices of three stocks – Agarwal’s Sterlite, and Videocon and BPL. “My wife, Kiran, thought I was crazy when I told her that we are moving to London overnight. She went to our daughter Priya’s school and asked them for a 6-month leave because she was sure we would be back by then,” Agarwal shared in a note. Agarwal reached the English shores and got Vedanta Resources listed on the London Stock Exchange (LSE) in 2003, making him the first Indian to get a company listed on LSE. Over the next decade, Vedanta acquired several mines across Africa, Australia and other regions. After mining and metals, Agarwal turned his eye to oil and natural gas, announcing a $9 billion deal to acquire Cairn India, the country’s largest private sector oil producer. <cmsannotation type="cmsannotation" annotationid="The $20 billion mega-merger of 2012" comment="subhead" text="The $20 billion mega-merger of 2012">The $20 billion mega-merger of 2012</cmsannotation> In 2012, Vedanta Resources Plc announced a merger of its Indian firms – Sesa Goa, Sterlite, Vedanta Aluminium, and Madras Aluminium into a single entity named Sesa Sterlite. The merged entity, Sesa Sterlite, was valued at over $20 billion, making it the seventh largest global diversified natural resources major. At the time, Agarwal said it would result in a savings of ₹1,000 crore every year. <cmsannotation type="cmsannotation" annotationid="Taking Vedanta private" comment="subhead" text="Taking Vedanta private">Taking Vedanta private</cmsannotation> Getting Vedanta listed on the LSE was one of Agarwal’s dreams, but 15 years later, in 2018, the mining magnate delisted the company and took it private. The “why” of it is easy to understand – Vedanta was undervalued during the commodity slump of 2018, and a majority of the capital expenditure had already been made by then. Agarwal sensed an opportunity to take the company private at a lower price and reap the rewards during the next cyclical upswing of commodities. <cmsannotation type="cmsannotation" annotationid="Looking ahead" comment="subhead" text="Looking ahead">Looking ahead</cmsannotation> With the semiconductor chipset shortage hurting the electronics and automobile industry globally, and countries trying to reduce their dependence on China for this crucial piece of tech, Agarwal has shifted his focus with the ₹1.54 lakh crore investment announcement in Gujarat. Will it come to fruition or not is a story for another day, though. SEE ALSO: <a href="https://www.businessinsider.in/business/news/gautam-adani-just-1-billion-away-from-becoming-the-second-richest-person-in-the-world-as-per-bloomberg-index-report/articleshow/94242575.cms">Gautam Adani is $1 billion away from beating Jeff Bezos as the second richest person in the world</a> <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-a-story-on-how-to-generate-wealth-via-hope-fomo-and-of-course-debt/articleshow/91829090.cms">Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt</a> <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a>

Anil Agarwal – how a Bihar boy who knew only ‘yes’ and ‘no’ went onto list the first Indian company on London Stock Exchange

<ul><li>The company has clarified that the proposed semiconductor manufacturing will be undertaken by the holding company, <keyword id="241647" type="General" weightage="20" keywordseo="Volcan-Investments" source="Orion">Volcan Investments</keyword> and not listed Vedanta.</li><li>Volcan Investments is a holding company wholly owned by the Agarwal family trust, which is not listed on exchanges.</li><li>With this, India will enter the list of very few countries like Taiwan that are leaders in making such chips.</li><li>The rating agency Moody’s says that Vedanta is not expected to be the financier in the proposed investment but in future if it does get involved, it will hurt its finances.</li></ul>Shares of Anil Agarwal-led company slipped as much as 9% today after surging 14% in the last two days. This comes after the company clarified that the proposed semiconductor manufacturing will be undertaken by the holding company, Volcan Investments and not the listed Vedanta. Volcan Investments is a holding company wholly owned by the Agarwal family trust, which is not listed on exchanges. Shares of Vedanta were on an uptrend in the last few days as investors were excited about the company's investment into semiconductor manufacturing. Besides, reports of Vedanta venturing into making Apple iPhones and electric vehicles added to the rally. “We reiterate that the proposed business of manufacturing semiconductors is not under Vedanta Limited and we understand that it will be undertaken by the ultimate holding company of Vedanta Limited, Volcan Investments Limited,” said the company in a BSE statement. Vedanta, an oil-to-metals conglomerate, and Taiwanese electronics giant Foxconn have formed a joint venture to invest over ₹1.54 lakh crore to set up a semiconductor manufacturing facility in Gujarat. The proposed facility will come up over the next two years in Gujarat. Chairman <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> shared the news on Twitter and said the investment of ₹1.54 lakh crore will be set up in Gujarat and “will help make India's #Atmanirbhar Silicon Valley a reality." <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> Reports say huge investment in Gujarat comes ahead of key local elections. There is a political twist to it as well given some reports say Maharashtra chief minister Eknath Shinde had invited the company to sign a Memorandum of Understanding (MoU) to set up a facility in Talegaon near Pune city in Maharashtra. With this, India will enter the list of very few countries like Taiwan that are leaders in making such chips. The rating agency Moody’s says that Vedanta is not expected to be the financier in the proposed investment but in future if it does get involved, it will hurt its finances. “Volcan’s proposed $20 billion semiconductor project has no immediate impact on Vedanta Resources Limited’s credit profile. We do not expect Volcan to extract any cash from Vedanta to fund this investment. Any deviation from this expectation, such that Vedanta is used as a financing vehicle for Volcan, will weigh on the company’s weak liquidity profile and pressure its B2 negative corporate family rating,” said Kaustubh Chaubal, senior vice president at Moody’s Investors Service. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/headline-india-is-a-prime-spot-for-all-bulge-bracket-pes-says-bank-of-americas-debasish-purohit/articleshow/94238157.cms">India is a prime spot for all bulge bracket PEs, says Bank of America's Debasish Purohit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-just-1-billion-away-from-becoming-the-second-richest-person-in-the-world-as-per-bloomberg-index-report/articleshow/94242575.cms">Gautam Adani is $1 billion away from beating Jeff Bezos as the second richest person in the world</a>

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Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion

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Vedanta founder Anil Agarwal honoured with Global Indian Award in Canada

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Anil Agarwal – how a Bihar boy who knew only ‘yes’ and ‘no’ went onto list the first Indian company on London Stock Exchange

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