According to Forbes Magazine Anil Agarwal is India’s 97th Richest man with a real-time net worth of $2.4 billion. Billionaire Anil Agarwal said on Tuesday that entrepreneurs should keep two things in order when expanding their businesses.
First, empower your young talent, and second, let your locals lead. The president of Vedanta Limited Resources gave the example of a company that went bankrupt in the 1990s.
In one of the posts, Anil Agarwal on LinkedIn stated that “I get asked by entrepreneurs how to expand their business. I tell them to get these two things right – empower your young talent and let your local people lead.”
Agarwal also mentioned a bankrupt company that he came across in the late 1990s. The company was known as Copper Mines of Tasmania located in Australia. He said, “I flew from India to see if I could acquire it. I was advised that it was risky but my faith was strong.”
“I remember I had gone to meet the Premier of Tasmania to close this deal. I wished him namaste and showed him my turnaround plan. I did not know fancy English but knew enough about soil and mining to convince them. He decided to give the plant to me, and I put in $2.5 million to lock in the deal,” the post added.
Agarwal accomplished the undertaking of the plant and immediately hired him as head of the company. Agarwal said, “We empowered this young man to do things his way. The kind of passion and dedication with which he worked, I hadn’t seen it even in the CXOs of that company.”
Second, Agarwal downsized the company, leaving only three senior management members and the rest of the company entirely run by locals. His post said, “Jaise doodh mein cheeni milao toh uski mithaas badh jati hai, bilkul waise hi when setting up your business away from home, you must work with the locals to bring the best results.”
The basic actions done by Agarwal helped him to earn 25 million dollars of profit and which continued for the next 10 years. Thereby, he added that “We trusted our local people to lead and gave young talent the freedom to run things.”
Further, his post said, “Our success in Australia changed everything for us. This led to substantial growth of Vedanta is to be continued.”
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