Indian billionaire Agarwal buys 11.4% of miner Anglo American

FILE PHOTO - A pit head is seen at the Tumela Mine, an Anglo American Platinum open pit mine, in Thabazimbi, Limpopo province, South Africa, June 9,2016. REUTERS/Siphiwe Sibeko/File Photo

LONDON: Indian billionaire Anil Agarwal has become the second largest shareholder in Anglo American after acquiring 11.44% of the British mining group, the group said Thursday. 

According to a notice posted on the London Stock Exchange, the Volcan Holdings investment company owned by Agarwal’s family now owns 11.44% of the group’s capital and voting rights following Tuesday’s share purchase. 

It is now the second largest shareholder behind South Africa’s Public Investment Corp, which owns more than 13%. 

Agarwal’s investment is believed to be worth £1.9bil (RM10.5bil). The company’s market capitalisation is around £16.4bil. 

Volcan also owns mining competitor Vedanta Resources, which specialises in zinc.

Agarwal last month told the FT Global Commodities Summit that he did not intend to seek a seat on Anglo-American’s board. - AFP