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20 OCTOBER 2017 AL CIRCLE

Vedanta Chairman Anil Agarwal to set up a US$1 billion VC fund for Indian startups

EDITED BY : DIPANWITA GUPTA 1MINS READ

Anil Agarwal, the founder and Chairman of the mining and metals major Vedanta Resources Plc, is considering the launch of a one billion dollar venture capital fund to help promising young Indian entrepreneurs build their start-ups. With the VC fund, Agarwal will be joining the league of industrialists like Mukesh Ambani, N R Narayana Murthy and Azim Premji who have already made their way into the start-up funding space.

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Agarwal, who himself began as an aluminium scrap and other metal scrap dealer and then went one to become of the most influential business personalities of the world, wants to finance new Indian ventures in the natural resources domain.

He said in a recent interview that he will invest anywhere between INR 5 crore and INR 200 crore ($30 million) in select business entities.

The proposed move by the Indian-origin business tycoon has a strategic dimension to it. Once set up, the VC fund will be the first natural resources-focused venture fund established by an Indian industrialist, a report by TOI stated.


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EDITED BY : DIPANWITA GUPTA 1MINS READ

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