Venkat, 53, will assume the new role effective August 31, the company said in a statement.
Vedanta had in August last year appointed an interim chief executive, Kaura, to replace Tom Albanese. Albanese, a former chief executive of rival Rio Tinto, returned to the US after his three-year contract, which was extended by five months, expired at the end of August.
Since 2013, Venkat has been CEO of AngloGold Ashanti Ltd. Between 2005 and 2013, he was AngloGold Ashanti's Chief Financial Officer and prior to this, he was CFO of London-listed Ashanti Goldfields Ltd.
Agarwal, Chairman of Vedanta, said, "We have gone through a very thorough search process and are delighted to invite Venkat to join Vedanta in the position of CEO. Venkat is a widely respected business leader in the global resources space, who brings to Vedanta an impressive set of values and a wealth of experience in corporate and other roles in the UK, Africa, Australia, South America and India."
He also has a strong track record of managing a complex portfolio of operating assets and projects across Africa, he said. "He has proved his ability to deliver significant operating and financial improvements, while also ensuring important advances in sustainability."
Venkat said Vedanta has an outstanding reputation as a global, diversified resources business with world-class assets and an exceptional team.
"My initial focus will be to ensure continued operational excellence, efficient cost management and capital discipline across the portfolio, while continuing to drive improvements to the overall sustainability performance of the business, thereby creating long-term value for all stakeholders," he said.
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