NEW DELHI: Billionaire metals king Anil Agarwal plans to hand over the reins of his $14-billion Vedanta group to a professional chief executive in the next three to four years, the Press Trust of India reported Thursday.
Agarwal, 58, who is executive chairman of the London-listed mining and metals group, told the Indian news agency: "We are looking for a CEO (chief executive officer)... to run this company, Vedanta.
"The time has come... (when) the company should be run by a (professional) CEO and I would like to be the non-executive chairman."
He said the plan should be put into effect in "three to four years".
Agarwal, born in the impoverished state of Bihar and who began his career as a scrap metals dealer, said he would spend the bulk of his time on philanthropy and social work after assuming the role of non-executive group chairman.
Agarwal's India-focused Vedanta Resources Plc is listed on the London Stock Exchange and is seventh on the list of global mining giants.
In 2011-12 the company, which was founded by Agarwal in 1979 and named after his mother, reported revenues of $14 billion.
For the first six months to September of the current financial year, Vedanta reported profit grew 16 percent to $1.06 billion, boosted by revenues from its newly acquired oil and gas venture Cairn India.
Agarwal and his family own about a 59.60 per cent stake in Vedanta through two private firms Volcan Investment Ltd and Chase Nominees Ltd, PTI said, adding that his personal fortune is estimated to be $3.8 billion. (AFP)
