How Agarwal manages this moment could ripple through his portfolio. “It looks like this time the company misjudged the government’s attitude." “One easy way to raise cash has failed," said Sunny Jiang, a fund manager at Haitong International Asset Management Ltd. New Delhi is worried that Agarwal’s zinc deal may impact valuations for the government’s own plan to sell its stake to bolster public finances. Officials have threatened legal action if the transaction goes through. A core strategy to stay afloat involves offloading about $3 billion of assets to Hindustan Zinc Ltd., a subsidiary of Vedanta that’s partially owned by the Indian government. The strength of Agarwal’s political connections could decide his fate. didn’t reply to messages seeking comment. He always felt he had something to prove." “He rose literally from the street English isn’t his first language. “Anil has always been a survivor," said Tom Albanese, who served as chief executive of Vedanta Resources from 2014 to 2017. ![]() A lavish life abroad followed, including buying a home in London’s posh Mayfair neighborhood. He is often described as India’s version of a Russian-like oligarch: a scrappy entrepreneur who amassed his fortune by snatching up and reviving state-owned assets. Whether Agarwal’s brash style of deal-making is a risk or an advantage depends on whom you ask. Multiple dividends over the past year have depleted cash reserves, a troubling development amid high global interest rates and volatile commodity prices.Īdded to the mix of unknowns is the man himself. ![]() Investors are concerned about Vedanta’s ability to tap funds from its subsidiaries. Though Vedanta’s debt pile is much smaller, the company’s bonds are rated near the lowest rung of gradings, raising the stakes for one of India’s largest miners to find a way out of the abyss.
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