"Agnivesh Agarwal has informed that he is stepping down as chairman and director of Hindustan Zinc Ltd to pursue other interests," the company said in a filing to the BSE. Vedanta Group and Shree Cements: Anil Agarwal's son Agnivesh is married to Puja Bangur, the daughter of Hari Mohan Bangur, who is the managing director of Shree Cement. His daughter Priya, 28, is a non-executive director at Vedanta. Vedanta ends up selling more than 75% of it to private companies including Reliance Industries Ltd. and Nayara Energy at a discount. Vedanta Group firm Hindustan Zinc Ltd (HZL) today reported a 19 per cent growth in its net profit at Rs 1,921 crore for the first quarter. Agnivesh Agarwal is chairman of Hindustan Zinc, which at 39% contributes most to Vedanta Ltd's operating profit. The company also posted a 10 per cent decline in revenue from operations to Rs 4,777 crore. Her love for reading inspired her to write a series of books catering to Indian ethos. Yet, billionaire Anil Agarwal needs the oil refiner more than ever.The output from its oilfield in Barmer, Rajasthan has been falling. India Business News: Successful businessmen like their children to marry children of other successful businessmen. He set up Sterlite Industries to manufacture jelly-filled cables in 1986. Vedanta Ltd. joined the race for acquiring state-owned Bharat Petroleum Corp. three months after its failed delisting and when analysts have flagged risks about its leverage. Yet, billionaire Anil Agarwal needs the oil refiner more than ever. TSPL operates 1,980 MW—three units of 660 MW each—thermal coal-based power plant at Talwandi, Punjab. Agarwal’s son, Agnivesh, 41, is the non-executive chairman of Hindustan Zinc and also manages Fujairah Gold in Dubai. The firm, in which billionaire Anil Agarwal-led Vedanta has a majority stake, added that closure of zinc mines across the world has led to a stronger price outlook for the metal in the medium term. Join financial experts to secure your golden years with early planning. Kalpathi Investments is a Chennai-based venture capital firm which picked up a stake in Primex Scans in August 2010. Stocks in the news: HDFC, Larsen & Toubro, JSPL, Sun Pharma and SBI, Supreme Court finds no infirmity in clearances granted to build new Parliament, When Deep Kalra almost sold MakeMyTrip for $10 million, FMCG & pharma stocks can outperform banks for the next 3 years, UK PM Boris Johnson cancels India visit, citing need to oversee virus response, Covid-19 is the X factor in legal battle between wealthy exes. According to JPMorgan, a special purpose vehicle with additional partners would allow spreading the risk. Agnivesh Agarwal, son of Vedanta Group chief Anil Agarwal, has acquired 60 per cent stake in Chennai-based Primex Healthcare and Research Pvt … The output from its oilfield in Barmer, Rajasthan has been falling. Yet, the acquisition would require cash when Vedanta’s own financial leverage has been rising. The promoter group holds 64.92% in HZL, and thus will get a lion’s share of the dividend amounting to Rs 17,630 crore for the FY17. Vedanta Resources Limited | 164,499 followers on LinkedIn. Agarwal, with a stint at London School of Journalism, is an avid reader, prolific writer and a woman of many facets. According to the company's website, Agarwal was appointed on the board with effect from … View the profiles of professionals named "Kanishk Agarwal" on LinkedIn. Vedanta is said to be following that model for a potential acquisition. The Vedanta boss' daughter met the business tycoon at an industry event. Agnivesh Agarwal joined Talwandi Sabo Power Limited (TSPL) as Director and Chairperson of the Company effective from 27th April, 2019. Anil Agarwal founded Hamsher Sterling Corporation, a business operating in the Industrial sector and a manufacturer of enameled copper, among other products, with a bank loan In 1976. Agnivesh, referred to as Swami Agnivesh (born Vepa Shyam Rao; 21 September 1939 – 11 September 2020), was an Indian social activist and the founder of Arya Sabha, a political party based on the principles of Arya Samaj. Mining mogul Anil Agarwal says the group is "too big to have a family succession plan". NEWSLETTER. The average oil output from Barmer peaked in 2014 at 218,651 barrels of oil equivalent a day. Anil Agarwal – the independent very rich person, with individual total assets of $2 Billion is the glad Founder and Chairman of Vedanta Resources. Read Full Story. Pravin has 2 jobs listed on their profile. Agarwal’s son, Agnivesh, 41, is the non-executive chairman of Hindustan Zinc and also manages Fujairah Gold in Dubai. Agnivesh Agarwal is registered with the Ministry of Corporate Affairs with a DIN (Director Identification Number) of 00038950, and is currently associated with 6 companies. Vedanta Group firm Hindustan Zinc Ltd. said Agnivesh Agarwal has stepped down as chairman of the company. The company which has adopted Indian Accounting Standards (Ind-AS) for reporting earnings, said its revenue declined 10 per cent YoY to Rs 3,820 crore. Mr. Anil Agarwal is the Founder and Chairman of Vedanta Resources Limited, a globally diversified natural resources company which extracts and processes minerals and Oil & Gas. A potential acquisition of BPCL will give Agarwal’s conglomerate a cash-rich refinery business with a retail network and a 22% share in the market. Agnivesh also holds the position of Chairman and Managing Director at Fujairah Gold FZC, a part of Vedanta Resources Limited, which operates a precious metal refinery and a continuous cast copper rod plant, strategically located at Fujairah Free Zone II, UAE. Vedanta Group firm Hindustan Zinc Ltd (HZL) Friday said Agnivesh Agarwal has stepped down as chairman of the company. Then he founded Vedanta Resources and developed. That can help boost the flagging oil and gas unit. They both got married at a very young age- he was 21 and she was 16. Missing BloombergQuint's WhatsApp service? Mr Agnivesh Agarwal is the son of … Mr Agarwal plays a key role in the strategic and governance framework of the Vedanta Group and provides leadership for its long-term planning, business development and capital planning. in 2011 for more than $8.5 billion. View Pravin Agarwal’s profile on LinkedIn, the world’s largest professional community. At Dec. 28 closing price, the government’s 52.98% in BPCL is worth more than Rs 44,400 crore. See the complete profile on LinkedIn and discover Sanjay’s connections and jobs at similar companies. Vedanta Ltd. joined the race for acquiring state-owned Bharat Petroleum Corp. three months after its failed delisting and when analysts have flagged risks about its leverage. The balance sheet and uncertainty among minority shareholders around dividend may put downward pressure on the company, Citi said in its second-quarter earnings review. Yet, billionaire Anil Agarwal needs the oil refiner more than ever. Hindustan Zinc Q1 net rises to Rs 1,918 crore 23 Jul, 2018, 09.07 PM IST View Navin Agarwal’s professional profile on LinkedIn. Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Agnivesh Agarwal joined Talwandi Sabo Power Limited (TSPL) as Director and Chairperson of the Company effective from 27th April, 2019. There are 30+ professionals named "Kanishk Agarwal", who use LinkedIn to exchange information, ideas, and opportunities. His brothers Navin and Pravin, closely associated with Vedanta, also have two children each. Agarwal’s wife . Agarwal has joined TSPL as the director and chairperson of the company from April 27. Let's reshape it today, Hunt for the brightest engineers in India. He has been instrumental in the growth of the group through global organic projects as well as acquisitions. top It, he said, can be a leveraged buyout and a potential candidate for asset sweating — the process of increasing profits generated from a company’s assets. Total income declined marginally by 1.8 per cent to Rs 6,090 crore. Subscribe to our Newsletter right now to be updated. Sequential top line and bottom line growth stood at 38 per cent and 83 per cent, respectively, on higher volumes and metal prices. For reprint rights: Axis Bank is conservative but keen on growth: CEO, WHO expert visit to China under negotiation, India now has 73 Covid cases with the UK strain, D-Mart’s Radhakishan Damani set to acquire 8-acre Thane plot from Mondelez, Invesco India Largecap Fund Direct-Growth, Serum, Bharat Biotech jointly pledge for smooth vaccine roll out. Anil Agarwal, billionaire and chairman of Vedanta Resources Plc in London, U.K. (Photographer: Simon Dawson/Bloomberg). To access international capital markets, Anil Agarwal and his team incorporated Vedanta Resources Plc in 2003 in London. Younger sister Priya Agarwal has been on the Cairn India board as non-executive director since 2012. The output, however, has since declined despite $1-billion investment. See the complete profile on LinkedIn and … Chairman, Vedanta Ltd, India’s leading diversified natural resources company with assets across Oil & Gas, Zinc-Lead-Silver, Copper, Iron Ore & Steel, Aluminium & Power. The group later consolidated all companies, excluding Hindustan Zinc, under Vedanta. HZL has posted a 7 per cent rise in net to Rs 1,640 crore in the second quarter (Q2) ended September 30, 2013. It also produces a waxy crude that state-run refiners refuse to take despite the mandate to buy as part of the oil exploration contract. Agnivesh Agarwal is chairman of Hindustan Zinc, which at 39% contributes most to Vedanta Ltd’s … That forced the company to lower its targets from 270,000-300,000 units a day in FY19 to 225,000 in FY20 and 190-195 in FY21. That was the story in the pre-liberalisation eighties an As a trustee on Vedanta Foundation, a philanthropic arm of Vedanta Limited, she pursues her passion for social causes, concerns related to children and women especially close to her heart. View Sanjay Agarwal’s profile on LinkedIn, the world’s largest professional community. Though Vedanta has no experience in running refining and fuel marketing but has been able to create significant value from state-owned companies, it said. He shaped the Group’s strategic vision and now plays the role of chief mentor to a … See the complete profile on LinkedIn and discover Pravin’s connections and jobs at similar companies. Navin Agarwal is Executive Director, Deputy Chairman at Vedanta Resources Ltd. View Navin Agarwal’s professional profile on Relationship Science, the database of decision makers. To be sure, Vedanta has cash of around Rs 35,560 crore on a consolidated basis as of September. Vedanta Anil Agarwal-promoted Vedanta has appointed Agnivesh Agarwal as the new chairman for its power subsidiary Talwandi Sabo Power (TSPL), the group said in a statement on Friday. Also, an acquirer would have to make an open offer for the 26% stake from the public, costing additional Rs 21,700 crore. Agnivesh Agarwal 41,154 0.01 Pravin Agarwal 25,000 0.01 Pratik Agarwal 5,000 0.00 Annanya Agarwal 17,640 0.01 Naivedya Agarwal 17,006 0.01 Ruchira Agarwal 17,014 0.01 . Axis Bank, Tata Steel, NMDC among 65 stocks look set to rally, suggests MACD, Adani Wilmar halts all Fortune ads featuring Sourav Ganguly, Committed to protect interest of NPS subscribers: Government, Six reasons why SC upheld the clearance to Central Vista project in New Delhi. Talwandi Sabo Power Limited or TSPL, a wholly owned subsidiary of Vedanta Limited, has appointed Agnivesh Agarwal as the chairman of the board of directors. JPMorgan in a report said BPCL dividends could easily cover the cost of debt of any acquisition. Navin Agarwal has been associated with the Group since its inception and has over 35 years of strategic executive experience. Metals and mining magnate Anil Agarwal turned a tiny scrap metal business into London-headquartered Vedanta Resources. A successful takeover of Vedanta would have enhanced the access to Vedanta’s cash flow, improving bond yields and refinancing options, it said. Vedanta chairman Anil Agarwal's daughter Priya Agarwal completed B.Sc. Tomorrow is different. According to Rakesh Arora, a commodities sector veteran, the main rationale behind Vedanta’s BPCL bidding could be attractive valuations and high dividend yield. A global diversified natural resources group operating primarily in India, Africa, Australia and UAE. (Psychology) with Business Management from the University of Warwick in the UK. He made Navin Agarwal, his brother, chairman of Cairn India which is promoted by Vedanta Resources. Join our. Share Via. Moody’s Investors Service in a note said Vedanta Resources’ failed takeover of Vedanta heightens refinancing risk and is credit negative. Vedanta Ltd. joined the race for acquiring state-owned Bharat Petroleum Corp. three months after its failed delisting and when analysts have flagged risks about its leverage. Agarwal bought Cairn India from Cairn Plc. Hindustan Zinc Limited (HZL) posted a 38% jump in net profit to Rs 2,379 crore in the third quarter ended December 31, 2014 against Rs 1,723 crore in the same period last year. Bloomberg | Quint is a multiplatform, Indian business and financial news company. View Anil Agarwal’s profile on LinkedIn, the world’s largest professional community. Anil has 5 jobs listed on their profile. "Agnivesh Agarwal has informed that he is stepping down as chairman and director of Hindustan Zinc Ltd to pursue other interests," the company said in an exchange filing. His daughter Priya, 28, is a non-executive director at Vedanta. Agarwal has earlier acquired and turned around three state-run units — Hindustan Zinc Ltd., Sesa Goa Ltd. and Bharat Aluminium Co. Bloomberg reported that Agarwal is planning to invest $10 billion by teaming up with London-based Centricus Asset Management Ltd. to seek investments in Indian companies, offering substantial growth opportunities. The output from its … Vedanta Group firm Hindustan Zinc Ltd (HZL) Friday said Agnivesh Agarwal has stepped down as chairman of the company. As per the government's notification, the States/UTs are being asked to take up surveillance and monitoring of birds, for any signs of ... Is permanent work from home possible in India? This is excluding BPCL’s 61% holding in the Numaligarh refinery. Sanjay has 4 jobs listed on their profile. LinkedIn is the world's largest business network, helping professionals like Navin Agarwal discover inside connections to recommended job candidates, industry experts, and business partners. Zambia’s plan to sell the copper mines it seized last year from billionaire Anil Agarwal’s Vedanta Resources Ltd. is bogged down in legal challenges that are discouraging buyers. But its financial leverage has risen since 2016-17 fiscal. He also served as a cabinet minister in the state of Haryana. Watch now | India's premier event for web professionals, goes online! Cairn India contributes 28% to operating profit. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. Commenting on the performance, Hindustan Zinc Chairman Agnivesh Agarwal said: "In our golden jubilee year we have delivered the best ever performance.". As noted above, these Vedanta Shares shown in the table above have been assented ... Vedanta Shares that are unconditionally allotted or issued before the Offer becomes or is Vedanta Ltd on Friday announced the appointment of Agnivesh Agarwal as the Chairman of its wholly-owned arm TSPL.“TSPL (Talwandi Sabo Power Ltd) a wholly-owned subsidiary of Vedanta … With BPCL being one of its targets, Vedanta group has been planning a fund with a 10-year lifespan that will use a private equity-type strategy, buying into companies and boosting their profitability before seeking an exit, the report said. Agarwal’s brother. Based in Dubai, Agnivesh Agarwal runs his own business recovering metal from scrap. His childhood passion for cycling led him to marital bliss. Not many know that he, in reality, controls Vedanta by implication through Volcan Investments, which is a holding organization and has a 61.7% stake in the business. "The y-o-y decrease for Q2 2016-17 was due to higher depreciation and lower investment income on account of smaller corpus despite higher mark to market gains.". His wife, then Kiran Gupta, was an old family friend and a fellow cyclist. Kolkata: Kiran Agarwal has been appointed as Additional Director and Chairman of Hindustan Zinc Limited, with effect from March 2, 2019.Her appointment follows the resignation of Agnivesh Agarwal who recently stepped down from the post of chairman and director of HZL to pursue other interests. More than 75 % of it to private companies including Reliance Industries Ltd. and Nayara Energy at discount... But its financial leverage agnivesh agarwal vedanta linkedin been falling Aluminium Co kalpathi Investments is a multiplatform, business... Age- he was 21 and she was 16 takeover of Vedanta heightens refinancing risk is... 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