Anil Agarwal recalls how Atal Bihari Vajpayee backed Vedanta's landmark London listing in 2003

Vedanta chairman Anil Agarwal has recalled how former Prime Minister Atal Bihari Vajpayee's support helped the company secure approval for its landmark listing on the London Stock Exchange (LSE), a move that eventually led to Vedanta becoming the first Indian company to enter the FTSE 100 index.

In a post on X, Agarwal looked back at December 10, 2003, saying he believed Indian businesses were not receiving the valuation and growth opportunities they deserved. Determined to change that, he decided to list Vedanta on the London Stock Exchange.

However, Agarwal said the plan faced a major hurdle. At the time, India's foreign exchange and cross-border listing regulations were highly restrictive, and the LSE required a No Objection Certificate (NOC) from the Government of India before the listing could proceed.


Recalling the events, Agarwal said he travelled to Delhi and met several government officials before finally getting an opportunity to present his case to then Prime Minister Atal Bihari Vajpayee.


According to Agarwal, after hearing him out, Vajpayee turned to then Finance Minister Jaswant Singh and said, "The boy seems alright. We should help him; foreign exchange will come into the country."

"Holding the NOC letter from the Government of India in my hand, I returned to London once again... the rest is history!," Agarwal wrote in the post.

He said Vedanta went on to become the first Indian company to be listed in London and later the first Indian company to secure a place in the FTSE 100 index, calling it "a first and unforgettable experience."

Encouraging people to share life-changing decisions that altered their own journeys, Agarwal added, "Who says there's no hole in the sky, Just throw a stone with flair, my friends."

The recollection comes days after Vedanta announced the demerger of its real estate business into a new entity, Vedanta Property Platforms. The proposed company will be listed separately on the BSE and NSE after receiving the required statutory and regulatory approvals.

Under the proposed scheme, Vedanta shareholders will receive one fully paid-up equity share of Vedanta Property Platforms for every 20 fully paid-up equity shares held in Vedanta. The company said it will seek no-objection letters from the BSE and NSE as part of the listing process.