London Calling reveals Vedanta son's mission to bring health and happiness to India's richPublished by MAC on 2012-04-24
Yet another junior member of the notorious Anil Agarwal clan has spread their wings with the blessing of the pater familias.
Last month, the Vedanta Resources' executive chairman's daughter was revealed as leading the company's "Happiness" campaign. See: Vedanta's girl has got the "X Factor"!
Now, Anil's son Agnivesh is (wait for it!) investing in a sophisticated, hi-tech "health care" company, previously unconnected with Vedanta or its Sterlite subsidiary.
He has acquired a controlling stake in Primex Healthcare, which operates six diagnostic centres in Chennai, capital of Tamil Nadu state, providing a raft of MRI and CT scans, digital X-Rays, ultrasound, computerized ECG, TMT and lab tests.
Of course the services of Primex will be far out of the reach of all but the richest of Indians.
Indeed, the provisions are targeted specifically at "the corporate segment".
Those benefiting from Agnivesh's largesse presumably won't include any workers or families who've lived around its Tuticorin copper smelter in southern Tamil Nadu.
Many of them have suffered for years from the poisonous impacts and perilous conditions prevailing there. See: More "accidents" at Vedanta's Indian copper smelter
[London Calling is published by Nostromo Research. Opinions expressed in this column do not necessarily represent those of any other party, including the editors of the Mines and Communities website. Reproduction is welcomed, with due acknowledgement to sources].
Anil Agarwal's son Agnivesh buys controlling stake in Primex Healthcare
domain-b.com (Indian on-line business magazine)
17 April 2012
Agnivesh Agarwal, son of the London-based Vedanta Group's founder-chairman, Anil Agarwal, has acquired a controlling stake in Primex Healthcare.
Agnivesh Agarwal, the chairman of Hindustan Zinc, a Vedanta group company, has in his personal capacity, bought a 60-per cent stake in Primex, for an undisclosed sum.
Primex Scans and Labs, which is owned by Kalpathi Investments, the promoter of Primex, will hold the remaining stake in the Chennai-based healthcare company.
Following the purchase, Agnivesh Agarwal will come on the board of Primex as the executive director.
"Agarwal has invested in his personal capacity and is a strategic investor. We have already started working with Vedanta Foundation on the healthcare side. The stake holding by Agarwal will enable Primex Healthcare to look at the corporate segment for business," said Anand Mahadevan, managing director and founder of Primex.
Agnivesh Agarwal, who is also a director at Sterlite Iron and Steel Company, said "India is a highly fragmented diagnostic services market. We believe that we will jointly be able to establish a strong presence in the healthcare segment."
Primex runs a chain of 6 diagnostic centres spread across Chennai and provides 2000+types of investigations including MRI scan, CT scan, digital X-Ray, Ultrasound, computerized ECG, TMT and lab tests.
Primex Scans a unit of the Primex Group also has 50 centres offering various diagnostic services across Tamil Nadu and is aiming to expand its network in southern states by adding around 200 centres.