LYCOS RETRIEVER 
Anil Agarwal: Mining
built 635 days ago
Agarwal... said it was too early to set a date for the IPO. "I can't really give you a date but it will be in a few months time. Bankers and advisers are working on it," Agarwal said.
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Agarwal talked of carbon trading long before Al Gore. Today, a forest has no value unless it is chopped down and converted into logs.” Now you may not believe in carbon trading, but here was an audaciously futuristic mind, one that was constantly looking for rational solutions to ecological conundrums. Would mud make the perfect building material of the future? How does one prevent flooding in cities? Why can’t the finance minister tax vehicles according to their levels of pollution? Is it deforestation that causes flooding?
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Agarwal has an uncanny eye for value in seemingly bad assets. In 2006, he paid Rs 550 crore for Balco when nobody would touch it. Later, he picked up Hindustan Zinc for Rs 600 crore, paying Rs 40.50 per share when the metal’s prices were rock bottom, but today the company’s share trades Rs 604. His detractors believed he paid a high price but today Agarwal makes a margin of 70 per cent on zinc, primarily because the company has a captive power plant and mines that can feed the smelters for the next 35 years. “You have to give a very strong reason to discourage him,” says a banker who worked with Agarwal on several deals.
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"In the UK in 2000, the London Employment Tribunal awarded $1.2 million in damages to an executive whom Agarwal had harassed for refusing to falsify a presentation for a U.S. offering. According to the tribunal, Agarwal threw his digital diary at the executive, and thundered: "You have not seen my negative side, and I will make sure that you do not have a place on this planet." In the March 2004 Billionaires, Michael Freedman reported Agarwal responding that "with 13,000 employees some grievances are inevitable"". (Freedman's article was published on March 14, 2004 on www.forbes.com)
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Those who know Agarwal say the spiritual leaning has come about gradually. He recites the Vedas every morning and when in Mumbai rarely misses an opportunity to visit the Siddhivinayak temple. An expert dholak player, he once went into a trance and tears flowed from his eyes while playing at a temple, says a relative who witnessed the incident.
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These days, Agarwal travels by private plane, hopping from his mines in Zambia and Tasmania to Agra and Mathura. There he slips back with ease into a rickshaw with his old buddy Dr Kumar, for a darshan at the Krishna temple, riding through crowded lanes, savouring their favourite hot milk drink.
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