Corporate Grapevine     

Published: February 28, 2025
Updated: February 28, 2025

Power play in Vedanta

The stock market is agog with rumours that Vedanta promoter Anil Agarwal is promoting his daughter as his successor, bypassing his brother Navin Agarwal.

The rumour mills say Anil Agarwal took control of Runaya, which is an ancillary com pany set up by Naivedhya and Ananya, sons of Navin Agarwal. Runaya extracts metal from the waste produced by Vedanta’s aluminum smelters in Odisha and Chhattisgarh, and Hindustan Zinc’s smelters in Rajasthan.

Navin Agarwal was officiating as group CEO after the retirement of Sunil Duggal in July 2023.

As per the existing holding structure, all companies under Vedanta and Sterlite come under the Anil Agarwal Family Trust via Volcan Investment Cyprus Trust, which has only Anil Agarwal and his immediate family, including his wife and two children, as beneficiaries, leav ing out other family members.

Meanwhile, several CEOs of newly formed companies have left the group, and the group is now searching for CEOs from within family loyalists The group holding company has appointed a new CEO, Deshnee Naidoo, who will now run the operations.