Vedanta not actively pursuing acquisitions now, says Agarwal

If any opportunity comes up, we will look at oil sector in India: Anil Agarwal

Metal and mining conglomerate Vedanta Resources is not actively looking out for acquisitions at the moment, but would consider if a good opportunity comes by, particularly in the oil sector, its chairman said today.

"At the moment, our hands are tied up. But, if any opportunity comes up, we will look at it. We will look at oil (sector). It is good time to grow in India (in oil sector). At the moment, there is nothing in our drawing room," Anil Agarwal said in an interview to Bloomberg UTV.

Billionaire Agarwal, known as the "turnaround man", has done 13 acquisitions to create the mining and metal giant.

Stating that none of the acquisitions have turned out to be a bad buy, Agarwal said: "In last 10 years, I have acquired 13 companies. Normally when you work, worldwide, out of 3 companies, one does not work. But, we have been fortunate, all 13 companies are doing great".

Vedanta had acquired a majority stake of 58.5% stake in Cairn India for $8.67 billion in December 2011.

Vedanta Resources, listed on the London Stock Exchange, is a natural resources major with interests in zinc, lead, silver, copper, iron ore, aluminium, power and oil and gas.

Its group companies include Hindustan Zinc Ltd, Bharat Aluminium Company Ltd (BALCO), Vedanta Aluminium Ltd and Madras Aluminium Company (MALCO).

The consolidated group had clocked $6.164 billion revenue in the first half of the current fiscal. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka.