CORRECTED-Indian billionaire Agarwal to invest up to 2 bln stg in Anglo American

By Reuters / March 16, 2017 / in.investing.com / Article Link

(Corrects currency to pounds not dollars in headline, paragraph 1)

LONDON, March 15 (Reuters) - Indian billionaire Anil Agarwal said on Wednesday he would buy a stake of up to 2 billion pounds ($2.5 billion) in Anglo American AAL.L but had no intention of trying to take control of the global miner.

Agarwal, who has majority control of Hindustan Zinc Ltd HZNC.NS through Vedanta Ltd VDAN.NS VED.L , will make the investment through his family trust Volcan Holdings, Volcan said in a statement.

Anglo, which has a market value of around 16.75 billion pounds ($20.55 billion), declined to comment.

"This is an attractive investment for our family trust ... I am delighted to become a shareholder in Anglo American plc," Agarwal said in the statement.

Anglo, which focuses on diamonds, platinum and copper, has along with other mining companies recovered from a slump in commodity prices in 2015.

The company's shares soared nearly 300 percent last year and it said in February it would resume paying dividends and slow down its asset sales as it was no longer under financial pressure. statement also said that neither Volcan nor Vedanta intended to make an offer to acquire Anglo American.

($1 = 0.8151 pounds)

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