Sterlite Industries

Before succeeding, Agarwal tried nine businesses that all failed and was struggling to make ends meet, according to the official account. He launched the tenth venture — cable production — and that one took hold, becoming the bridge into copper and aluminium manufacturing and ultimately the Vedanta conglomerate. The narrative positions persistence through serial failure as the founder's defining trait.

In the mid-1970s Agarwal traded scrap metal, sourcing it from cable companies across Indian states and reselling in Mumbai. In 1976 he acquired Shamsher Sterling Corporation, an enameled copper manufacturer, with a bank loan, then in 1986 set up a jelly-filled cable factory, founding Sterlite Industries — the forerunner of today's Vedanta.

Sterlite became India's first private-sector copper smelter and refinery in 1993, then in 1995 acquired the long-shut Madras Aluminium from BIFR. The expansion was driven by a simple insight: cable margins were hostage to copper and aluminum prices, so Agarwal decided to manufacture the metals himself rather than buy them — a textbook vertical integration thesis.

Vedanta expanded geographically throughout the 2000s: Konkola Copper Mines in Zambia (2004), a controlling stake in Sesa Goa iron ore (2007), Anglo American's zinc assets in Namibia, Ireland and South Africa (2010), and Cairn India — India's largest private-sector oil producer — in 2011. Sesa Goa and Sterlite were merged in 2012 to consolidate group structure.

Vedanta's environmental and human-rights record drew sustained criticism. An Indian Supreme Court committee in 2004 cited thousands of tons of arsenic-bearing slag dumped near a Tamil Nadu factory; another in 2005 alleged forced displacement of indigenous families in Odisha for bauxite, with the Church of England selling its shares in protest. In Zambia, Vedanta was sued by 2,000 residents over Kafue River pollution from its copper mine.

In May 2018, protests against Sterlite's Thoothukudi (Tuticorin) copper smelter on environmental grounds culminated in police opening fire, killing 13 people. The Justice Aruna Jagadeesan Commission later found no specific evidence directly linking Sterlite to instigating the violence, but the episode damaged Vedanta's social license and led to the smelter's closure.

In a BCG conversation, Agarwal framed Vedanta as the product of a relentless search for undervalued assets combined with lean operations. From selling scrap metal in the 1980s, he migrated to telephone cables after buying a small industrial plant at a discount, then moved into copper only to lock up steady input supply for the cables — each step a calculated fix to a margin problem in the prior one.