Not giving Vedanta reins to kids: Anil Agarwal
, TNN|
Updated: Oct 23, 2017, 01.32 PM IST
MUMBAI: Vedanta Group chairman Anil Agarwal has ruled out handing over the reins of the over $15-billion business empire to his children and said he hasn't yet chalked out a succession plan. Agarwal, however, added that the metals-to-oil group will always be run by professionals.
"I'm still young and will be there (at the helm) for some more years," said Agarwal, 63, laughing.
In an interaction with TOI, he said, "The group's diverse operations, which are in India and spread across the globe, are handled by professional CEOs and the organisational structure will remain so. My children have to grow and they should do what they want to do. They're still very young."
Agarwal's son, Agnivesh, 41, is the non-executive chairman of Hindustan Zinc and also manages Fujairah Gold in Dubai. His daughter Priya, 28, is a non-executive director at Vedanta.
Whether it's possible for his children to take over the helms, Agarwal said he doesn't see that happening. "About 75% of my wealth is going back to society. They (my children) can hold whatever shares I leave behind for them. They are very smart and they can pursue their career in their own way. And whatever they want to start and build, they can... probably they can build something bigger than this company. But they'll have to develop their own avenue. And Vedanta will be run like an institution," he said.
The Vedanta Group has business interests in crude oil, copper, aluminum, gold, diamond and several other natural resources, and also power.Vedanta, meanwhile, , earlier known as Sesa Goa, plans to issue Rs 400-500 crore worth of stock options to its employees, Agarwal added. The stock options will be offered to 35% of the employees, ranging from the junior grade engineer to senior executives. And these will be issued at the face value of Vedanta's share, which is Rs 10.
"I'm still young and will be there (at the helm) for some more years," said Agarwal, 63, laughing.
In an interaction with TOI, he said, "The group's diverse operations, which are in India and spread across the globe, are handled by professional CEOs and the organisational structure will remain so. My children have to grow and they should do what they want to do. They're still very young."
Agarwal's son, Agnivesh, 41, is the non-executive chairman of Hindustan Zinc and also manages Fujairah Gold in Dubai. His daughter Priya, 28, is a non-executive director at Vedanta.
Whether it's possible for his children to take over the helms, Agarwal said he doesn't see that happening. "About 75% of my wealth is going back to society. They (my children) can hold whatever shares I leave behind for them. They are very smart and they can pursue their career in their own way. And whatever they want to start and build, they can... probably they can build something bigger than this company. But they'll have to develop their own avenue. And Vedanta will be run like an institution," he said.
The Vedanta Group has business interests in crude oil, copper, aluminum, gold, diamond and several other natural resources, and also power.Vedanta, meanwhile, , earlier known as Sesa Goa, plans to issue Rs 400-500 crore worth of stock options to its employees, Agarwal added. The stock options will be offered to 35% of the employees, ranging from the junior grade engineer to senior executives. And these will be issued at the face value of Vedanta's share, which is Rs 10.
(This article was originally published in The Times of India)
