Anil Agarwal

Anil Agarwal chairs Vedanta Limited, India's largest diversified natural resources company. From humble beginnings as a scrap metal dealer in Bihar, Agarwal built a global mining and resources empire through bold acquisitions: Hindustan Zinc (making Vedanta the world's largest integrated zinc producer), Cairn India (oil and gas), copper smelting operations, aluminum production, iron ore mining, and steel manufacturing. Vedanta's portfolio provides exposure to multiple commodity cycles simultaneously. Hindustan Zinc is the crown jewel, generating significant free cash flow from its low-cost zinc mining operations in Rajasthan. The aluminum and oil businesses provide additional diversification. Agarwal has announced ambitions to enter semiconductor manufacturing in India through a partnership with Foxconn, though this venture faces significant execution challenges. Vedanta's complex corporate structure — with Vedanta Resources (London-listed parent), Vedanta Limited (India-listed), and various subsidiaries — has historically raised governance concerns regarding related-party transactions and minority shareholder treatment. Key stock drivers include zinc, aluminum, and copper prices, oil and gas production volumes, Hindustan Zinc dividend policy, Indian industrial demand, corporate governance and structure simplification, semiconductor venture progress, debt levels, and India's infrastructure-driven commodity demand growth.