Srinivasan Venkatakrishnan: The unusual chartered accountant

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26 Aug, 2025 12:21

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A chartered accountant is an unlikely candidate to be the chief executive of a diversified mining conglomerate like Vedanta Resources.

The Anil Agarwal-led mining giant has operations across countries such as India, Zambia, South Africa and Australia. And it has interests in copper, zinc, iron ore and oil and gas. If that is not complicated enough, one of Vedanta’s unit in India has been closed down after protests, its iron ore mining arm is yet to restart operations at its bigger mines, and the London Stock Exchange-listed company is in the middle of going private.

But then, Agarwal may have roped in Srinivasan Venkatakrishnan exactly for this – to bring stability to the $11.5-billion group and steer it towards the founder’s ambition of becoming a global giant. And yes, there is also the impending merger with Anglo American, whose present chief executive had mentored Venkatakrishnan.

“Venkat joins us from AngloGold Ashanti and brings unique perspectives on the global business environment, having a true multi-cultural career journey,” Agarwal said in a released statement. “His sharp technical skills, business acumen, a strong set of ethics and values make him an exceptional leader.”

That the Chennai-born and bred ‘Venkat,’ was not the usual chartered accountant became clear when he joined Ashanti Goldfields. Venkatakrishnan was working with Deloitte and advising Ashanti Goldfields on a restructuring exercise. Impressed by his acumen, Ashanti’s CEO Sam Jonah roped in Venkatakrishnan. That was in 2000.

In 2004, after Ashanti merged with AngloGold, the Indian professional continued serving the gold miner and eventually became the chief executive in 2013, replacing Mark Cutifani, who is at present heading Anglo American.

It was not a smooth sailing at AngloGold. Even as gold prices fell, the company’s South Africa operations were in trouble and it was forced to drop plans of a share sale after investors objected.

Venkatakrishnan though leaves AngloGold in a better state. In his five years as the chief executive, the company reduced its costs by 30 percent, pared its debts, completed projects and most importantly from a shareholder’s point of view, met or beat market guidance for five years.

By no means is Vedanta Resources in trouble. Though the bottomline was sluggish in the first quarter of the present financial year, revenues of its unit Vedanta were up 15 percent, and the ratio of its net debt/EBITDA (earnings before interest, tax, depreciation, and amortisation) among the lowest in the industry.

But with a founder who has been unapologetic about his global ambitions, Vedanta hasn’t made any big move towards that goal, except for the stake buy in Anglo American. Industry observers now expect Agarwal to take the next step – to merge with Anglo American - after taking Vedanta private and taking it off the LSE. Here, Venkatakrishnan’s experience, both with Cutifani and in Africa will be invaluable.

Agarwal has been bullish about South Africa and the rest of the continent, and here Venkatakrishnan has built an experience and network through his 18-year stint.

Mining is not for the faint-hearted, as Venkatakrishnan has himself admitted.  The industry veteran will need to mine his experience as he leads Vedanta at this crucial juncture.