NEW DELHI :
In a candid discussion at an industry event, Vedanta Resources founder chairman Anil Agarwal quipped that the company is less reliant 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 Federation of Indian Chambers of Commerce and Industry's (FICCI) 92nd Annual Convention.
Vedanta Resources operates in India through its subsidiaries Vedanta Ltd, Hindustan Zinc Ltd and Bharat Aluminium Company (BALCO).
Agarwal, however, said that the environment (mahaul) for doing business in India is good 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 not wanted 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.