We're trying to convince Anglo American to start business here, says Anil Agarwal of Vedanta

Anil Agarwal, founder and chairman of Vedanta Resources Plc, in an interview with Swati Khandelwal of Zee Business, said that the government has allocated 41 oil and gas exploration blocks to the group and they will try to make best of that opportunity to reduce the country’s import dependence for oil.

There has been a ban on mining in Goa and similar talks are on in other states.

The government has a direct control over business in socialist or communist countries like China and Russia. However, the public controls the business in form of corporations in democratic countries across the world, including India. They own the shares of these companies, like ITC, L&T and HDFC, among others, with a demand to have good and reliable people on its Board and CEOs to run it. There was a time when India had a trust in public sector. We have moved on from there. The government owns nearly 250 companies still but the shares of these companies are not too attractive in terms of prices. The prices of shares of companies like SAIL can be increased by making them public and making public accountable for it. This is a kind of wealth, and we must not erode the wealth when we know that people have money and are ready to invest in it. In addition, I wish that people should have a parallel income equivalent to their monthly salary, which should be used for purposes like marriages, purchase of a house and education of their children. The parallel income should come from a legitimate path and it can be earned from stocks. I will say that the government should allow public companies to do their business. I remember that PM Modi once said that government has no business to be in business. Even former Prime Minister Atal Bihari Vajpayee had similar thoughts. 

Will you be interested in acquiring a company like SAIL if government plans to privatise it?

We may go for acquisition of 10 to 20% and suggest that the remaining 80% should go to the public. 

You have submitted a proposal to the government with a suggestion that can help it in reducing imports and resolve the issues related to the fiscal deficit. How can Vedanta group participate in it?

The government has allocated 41 oil and gas exploration blocks to our group and we will try our best to work hard to make best of this opportunity and try to help reduce the country’s import dependence for oil. We have the vision to invest in India and contribute 50% of India’s domestic crude oil production and offer it at $6, which is a big thing in itself. 

Can you suggest ways to tackle the lack of investment and jobs? 

There was a need for a correction. Implementation of goods and services tax (GST) and Insolvency Act (Insolvency and Bankruptcy Code) are forms of that correction. GST has put an end on leakages and Insolvency Act, which has closed the loopholes, is making people rethink before taking loans as they are aware of the actions that can be taken if they fail in depositing back the loan. I have a suggestion for the youth of the nation - You will have to take a risk in your lifetime. I would appeal to them, especially the girls, to move ahead. Interestingly, we have two-three female CEOs who are heading our projects. In addition, about 20% of our employees are female and we are planning to take it up to 30%. This can be achieved by changing the atmosphere of the nation and making sure that the females are not underestimated. They have a different aspect of thinking and they have the abilities to drive. I have a faith in the next generation and feel that they will take the country to the next level. 

You have acquired Electrosteel and showed interest in Essar Steel. 

We have bid for it and will be able to acquire it if it qualifies into it. But Anglo American is our biggest acquisition till date and we own 21% of its stake. Anglo American is the world's largest producer of diamond as it produces almost 80% diamonds of the world at present. It is also engaged in the production of platinum, iron-ore and coal, among others, and we want to take it ahead. In addition, we are trying to convince it to come to India and start its business over here. But it fears coming here.

Interestingly, the confidence of foreign companies has eroded and they fear while investing in India. 

It will return back as the government has made a lot of efforts and the results will be seen at a later stage. Besides, I have three goals that include taking ahead the company, adopting at least 50 crore children of India and bring women, who were married at a young age of 13-15, back to the mainstream. My company is an institution in itself, like Exon and BHP, and will not move directly in the hands of my family members. We have started Nand Ghar project for the adoption of children and will provide essential things to them like education, food and regular health check-ups. Women will be brought back to the mainstream and start earning for their families under a project, which will be headed by Venkat, who is its CEO.