Vedanta’s Anil Agarwal to buy larger stake in Anglo American

London: Mining major Vedanta on Thursday said its Chairman Anil Agarwal’s family trust Volcan Investments will increase its stake in British miner Anglo American.

In a statement here, Vedanta said Volcan alone was increasing its stake to become the largest Anglo American shareholder with over 21 per cent holding.

The acquisition of around 9 per cent shares, worth between 1.25 billion to 1.5 billion pounds, is in addition to the 12.43 per cent bought in March.

“We are encouraged by the performance of Anglo American since our original investment earlier this year,” Volcan Investment said in a statement.

“The company has made good progress in its operational and financial performance and remains an attractive investment for our family trust.”

“The independent directors of the company have consented to the proposed investment pursuant to the Relationship Agreement between, among others, Volcan and the company,” Vedanta said.

Anglo American also owns De Beers, the world’s largest diamond producer, which produces over 30 million carats of diamonds per year, accounting for 35 per cent of the global rough diamond production.