Vedanta’s parent organization -- Vedanta Resources is planning to set up $10 billion fund to acquire the government’s stake in BPCL or Shipping Corporation of India (SCI). The said plan has attracted interest from sovereign wealth funds and the corpus will be floated once the government invites price for state-owned firms.
The idea is to create a fund with a 10-year life span that will use a private equity-type strategy, buying into companies and boosting their profitability before seeking an exit.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
