Anil Agarwal, the billionaire controller of Vedanta Resources Plc, announced late on Thursday that he and his family had agreed to give 75 percent of their wealth to charity.
Agarwal, a one-time scrap metal dealer, made the announcement at an event in London to celebrate the 10 year anniversary of Vedanta’s listing on the London Stock Exchange.
Agarwal told Reuters he would keep his stake in the mining company for now but might ultimately divest it.
“We have decided we have to give back to society,” he said on the sidelines of the Vedanta event.
Forbes estimated that the 61-year-old Indian entrepreneur has a net worth of $3.5 billion.