Billionaire Anil Agarwal is not sure when he would like to hang his boots, but he is certain that the metal and energy behemoth that he has built, Vedanta Group, will not be run by his family.
“Vedanta is running like an institution, I am building it for the next 500 years. It should be a champion company from India. This company is not going to be run by my family, it will be run by the people, for the people, for the country,” Agarwal said.
The 68-year-old Agarwal, who has a son and a daughter, is making a succession plan that will separate ownership and management of the group.
“My children are very competitive and competent, they should create another Vedanta. Vedanta (group) is run by the management, and each of the companies has the best CEO. They are driving the company very well individually and the central position is very good,” he said in an exclusive interview with Moneycontrol.
He considers himself the “designer” who designs and develops the fundamental strategy.
“The shareholding and the management will be different, can’t be mixed. We are entrepreneurs, we have established a company. I am doing my job, moving ahead, and the management does the day-to-day job. We have the best management, and we have always got the best international leaders. Ownership and management should be separate,” he said.
Agarwal said that Vedanta Ltd, the Indian listed entity, aims to clock revenue of Rs 30 billion and profits of Rs 10 billion in 2022-23. While the group expands, he is working on empowering the management to run the show.
“I will keep withdrawing, keeping the management on the top. Slowly, the CEOs will get more empowered and run the company and make the shareholders happy. We will see what happens. The company will grow and can definitely make $50 billion revenue,” he said.
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