Vedanta borrows less from Indian banks for fear of ED: Anil Agarwal
During a discussion at the Federation of Indian Chambers of Commerce and Industry's (FICCI) 92nd Annual Convention, Vedanta Resources founder chairman Anil Agarwal commented that the company relies less on borrowing from Indian banks on fear of action by the Enforcement Directorate (ED) and other corporate policing agencies.
"From here (India), I have taken less money. Borrowed mostly in foreign countries. If i had borrowed from India, I would be under probe by ED and other organisations. Maybe they would have even put me in jail," Agarwal said at the event.
Vedanta Resources operates in India through its subsidiaries Vedanta Ltd, Hindustan Zinc Ltd and Bharat Aluminium Company (BALCO).
Praising about the business environment in the country, Agarwal said that it is good for doing business in India currently due to lower corporate tax rate, lesser government interference, among others.
"The government is such that it has given us a clean slate," Agarwal said, adding that historically Vedanta has scaled up its business by buying companies and projects that were sold off by the government, like BALCO and some projects of state-run Oil & Natural Gas Corporation.
Vedanta had acquired BALCO from former Prime Minister Atal Bihari Vajpayee's government in 2001.
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