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Home > Diamond News Center > Diamond News > World

Indian Billionaire Anil Agarwal Plans to Buy a 12% Stake in Anglo American

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According to a report in Gem Konnect, Indian billionaire Anil Agarwal has announced his plans to acquire a stake of about 12% (worth approximately $2.5 billion) in Anglo American, which owns diamond mining company De Beers.

Agarwal will make the acquisition through his family trust, Volcan Holdings, which controls London-based Vedanta Resources, “a mining conglomerate with interests in zinc, lead, silver, copper, iron ore and aluminium”, according to the report. Agarwal stated that his interest in Anglo American springs from the diamond and platinum mining activities.

Anglo American and Vedanta shares rose on the London Stock Exchange in response to the news. Agarwal said he “plans to use mandatory exchangeable bonds to make the acquisition”.
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