Anil Agarwal, Centricus to invest $10 billion in Indian companies

 

It's not clear whether the partnership will be through Vedanta Group firms

Vedanta Group Founder and Chairman Anil Agarwal, in partnership with London-based investment firm Centricus, plans to invest $10 billion in Indian companies being divested by the government.
In a joint statement on Thursday, they said they intended to invest in entities with substantial turnaround and growth opportunities.

“The launch comes at a promising time for the Indian economy and will support the government’s efforts to achieve its disinvestment targets,” said the statement, adding the strategy will allow companies to benefit from Agarwal’s experience and history of partnering with and creating value for operating businesses.

“India will be the fastest-growing large economy over the next decade. Its dynamism is based on a world-class entrepreneurial private sector, and I believe that this dynamism can be harnessed to unlock incredible transformation in the public sector. We believe that this strategy can, and will, play a crucial role in the country’s on-going industrialisation,” Agarwal was quoted in the statement.

Though Centricus’ partnership is with Agarwal, it is not clear whether it will be through Vedanta Group companies. A Vedanta spokesperson did not comment on the issue.

Agarwal plans to help former government-owned companies accelerate their transformation into private-sector firms with professional management, according to the statement.