Hard at work: A miner excavating copper ore at the Nchanga copper mine, operated by Konkola Copper Mines Plc, in Zambia. Konkola Copper Mines is a unit of Vedanta Resources Plc, the mining company founded by Agarwal. — Bloomberg
NEW DELHI: Anil Agarwal supercharged his rise from scrap metals trader to billionaire commodities magnate by embracing bold acquisitions and lots of debt.
But that decades-long playbook is now being put to the test as rising borrowing costs complicate Agarwal’s efforts to clinch a buyout of the publicly traded crown jewel of his globe-spanning empire. His battle for control over Vedanta Ltd is highlighting the risks for indebted tycoons in India and around the world as interest rates climb from historic lows and family businesses grapple with complicated holding structures.
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