Indian mining tycoon Anil Agarwal to procure 11.44% stake in Anglo American

Indian metals-to-mining magnate Anil Agarwal has acquired an over 11% stake in British mining company Anglo American, according to a London Stock Exchange notice. With an 11.44% stake, the London-based Indian billionaire's family-owned Volcan Holdings investment firm becomes the second largest shareholder with voting rights in the company.

The transaction for a total of 160,685,162 shares took place on Tuesday, the London Stock Exchange (LSE) notice said.

Last month, Volcan Investments Ltd , the majority shareholder of Vedanta Resources Plc, had announced that it intends to make an investment in Anglo American Plc shares of up to 2 billion pounds, according to an LSE notice dated March 15. "This is an attractive investment for our family trust.

Anglo American Plc is a great company with excellent assets and a strong board and management team who are executing a focused strategy to drive shareholder value. I am delighted to become a shareholder in Anglo American Plc," Agarwal had said.

Volcan is a holding company wholly owned by the Agarwal family trust and the investment has been described as a personal investment made by the family trust.