Vedanta to create $10-bn fund to bid for BPCL stake, other assets: Chairman

The fund will be made up of its own resources and outside investment, Agarwal said, adding that it may also finance the BPCL acquisition through debt

Mining firm Vedanta Resources Ltd plans to create a $10-billion fund to bid for assets including the Indian government's stake in Bharat Petroleum Corp Ltd (BPCL), its chairman told Reuters on Thursday.

The Indian government is seeking to privatise state-run refiner BPCL by selling its near 53% stake in the firm, worth just over $6 billion, to private entities.

"We are in the process of creating a fund of $10 billion," Anil Agarwal said in an interview in Dubai. "It will not only look at (BPCL) but there are other companies being privatised.

It will look at the potential of