Mining firm Vedanta Resources Ltd plans to create a $10 billion fund to bid for assets including the Indian government's stake in Bharat Petroleum Corp Ltd (BPCL).
The Indian government is seeking to privatise state-run refiner BPCL by selling its near 53% stake in the firm amounting over $6 billion, to private entities.
"We are in the process of creating a fund of $10 billion," Anil Agarwal said "It will not only look at (BPCL) but there are other companies being privatised. It will look at the potential of those companies also."
The fund will be made up of its own resources and outside investment, Agarwal said, adding that it may also finance the BPCL acquisition through debt.
"We will work out a structure, we are doing the due diligence," he said. "As soon as the date comes, we will firm up and work out on how we take the money and go about it."
"There is no large fund which does not want to associate with us in general. Money will never be a problem," he added.
Agarwal also said the company aims to become zero-carbon by 2050, and will invest $5 billion in the medium term to reduce its carbon footprint.
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