‘In 2 years, we will start semiconductors production’
Failure is the first step to success. I failed miserably. Failure after failure, failure after failure, failure after failure. I had even gone into depression for a couple of years,” says Vedanta Resources chairman Anil Agarwal in an interview with
editor-in-chief of Mint, for the first episode of ‘The Sketch’, a podcast that aims to help readers know business leaders more closely—their convictions, methods and influences. In this podcast, Agarwal speaks about the succession plan at Vedanta Resources Ltd and the importance of metals. Edited excerpts:
jith K.K., SruthiYour announcement about setting up a semiconductor facility in India with Foxconn has generated a lot of curiosity. What can you tell us about it?
Semiconductors are very important, be it for automobiles or electronics. India needs to import $15 billion worth of semiconductors. It’s because of the shortage of semiconductors that we haven’t been able to run our factories at 100%. We manufacture glass and optical fibre. So, it was natural for us to move into semiconductors. Foxconn is one of the largest and the best companies in semiconductor manufacturing and will be our full-fledged partner. We are in the process of selecting a site.
Do you have any timeline for the production to start?
I am confident that we will meet the target of commencing production in two years.
Are you a spiritual person? Do you feel like some divine force has played a role in your journey?
I have never disclosed this, but every single day in the last 22 years, I go to the Krishna temple in the morning. Initially,
I used to give 10 cents to the temple and bargain, “see, I’m giving you something; you have to give me something. Today, I have surrendered to Him. I’m like the servant of the universe, and I do my duties to the best of my best of ability. Criticism has never shaken me; it has made me a little bit fearless. And I will never do anything intentionally that is not right.
Can you talk a bit about what makes the world of commodities tick?
We can’t live without metal. We can live without oil and gas. Even today, if you go for renewable energy, whether you go for EV (electric vehicles), eight times more metal is required. Though we have natural resources, we are still forced to import them.
The government policy is working, but they have to start believing that making money is not a sin. Our entrepreneurs should be able to sell their discoveries and make money. It should be like buying shares and selling them at a higher price. There is so much funding available for entrepreneurs to do exploration. Even if they fail, they are fine. But the right to sell their discovery cannot be given back to the government.
Is that practical?
See, we have to move forward. Only then will you be able to solve problems. Failure is the first step to success. I have failed in my life miserably—failure after failure, failure after failure, failure after failure. I have even gone into depression for a couple of years. I didn’t know what to do, but then you come back, tighten your belt, touch your parents’ feet, and go to a temple. It must be 20 years ago. Suddenly you find that things are not working for you. I couldn’t sleep for a minute the whole month. I lost all my hair, and I didn’t want to meet anybody. But you fight, pray, and make yourself strong, and then when you come back, you never look back. I always had my depression tablet by my bed, but I never took it.