The founder of Vedanta seeks to buy back the rest of the business for £ 800m

Anil Agarwal entered into an agreement to buy out the minority shareholders of Vedanta Resources for nearly £ 800 million, while the Indian metals magnate goes ahead with plans to simplify the structure of his vast commercial empire

. was recommended by an independent committee in Vedanta, the family trust of Mr. Agarwal Volcano plans to offer 825p in cash for the 33.5 percent of the company that he does not already own.

This is a 28 percent premium to Vedanta's closing price. Friday and values ​​the company's own funds at 2.35 billion pounds sterling. Shareholders will also be entitled to an announced dividend of approximately 31 pence per share.

Mr. Agarwal stated that the decision to buy back the minority shareholders of Vedanta was "a natural progression of our approach to simplify his group of Vedanta companies".

"We are very proud to have been the first Indian company to be listed on the London Stock Exchange in 2003, which was a milestone for the Vedanta Group." The London list has served us extremely well since that time, however, given the subsequent growth of our underlying business and the maturity of Indian financial markets, as well as comments from our shareholders and other stakeholders, we have concluded that a separate listing at London is no longer necessary to achieve Vedanta Group's strategic objectives. "

Vedanta, listed in London, has two main badets: a 50.1% stake in Vedanta Ltd, a publicly traded company, and a 79% in KCM, a copper mine and smelter in Zambia.

Through this complex structure, Mr. Agarwal controls a sprawling group of natural resources focused primarily on India that produces iron ore, bauxite, aluminum, copper, and zinc , energy and oil. as well as badets of aluminum, zinc and copper.

The move is likely to fuel further speculation on a move for Anglo American. Through Volcano, Mr. Agarwal holds a stake in just over 20% of the FTSE 100 miner.

Mr. Agarwal has already attempted to merge Hindustan Zinc, a subsidiary of Vedanta, with Anglo American

taken advice and decided to recommend Volcan offer.