Anil Agarwal, chairman of Vedanta Resources, stated on Saturday that the firm will remain institutionalised at any costs and will not pass to his family..
The company, he said, cannot be run on a defensive mode.
“Our company will not go to our family. Our family is also an institution, a complete institution … If it (the family) gets capable of (running Vedanta in the future) then it is a different thing. But a company cannot be a run on a defensive mode,” he said.
He was speaking during a webinar on ‘Vedanta of Business’ organised by the FICCI Ladies Organisation (FLO), the women business wing of the apex body FICCI.
“We are the largest producer of oil in India, largest producer of silver, zinc…we will at any cost institutionalise it (Vedanta). In my opinion 75 per cent must go back to the society….25 per cent is more than enough for the family,” the metals and mining magnate said further.
India is a land of entrepreneurship with the advantage of location, young talent, natural resources and sea on three sides, the mining baron said, adding that the country is moving towards a self-reliant economy.
But the world always looked at India as a market and never wanted to see it grow. But presently the process of self-reliance has grown and youth and start ups with new ideas are taking the country to newer heights, he said.
India has the largest deposit of oil, gold and minerals, he said adding that it is high time to explore them and especially the young and the women entrepreneur has to do it.
Worldwide, an average of 44 per cent women are entrepreneurs and head various companies. In India, it is still about 20 per cent. It is time for women to come up as they are convincing and they deliver, Agarwal said.