(Ecofin Agency) - Billionaire Anil Agarwal (picture) has increased his shareholding in Anglo American to 19%, thus becoming the mining firm’s biggest shareholder.

In a regulatory statement released last Friday by Volcan Holdings Plc, the Indian’s family holding, it was revealed that the holding acquired 102.2 million shares of Anglo at a unit price of £14.68, thus totaling an investment of £1.5 milliard ($2 billion).

The holding, which already held 160.7 million shares of Anglo American since last April, now snatches from Public Investent Corp, its place as majority shareholder of the mining giant. Concerning fears about him trying to force Anglo into a merger or a split-off, M. Agarwal responded that the purchase is a “personal investment”.

“We are encouraged by the performance of Anglo American since our original investment earlier this year. The company has made good progress in its operational and financial performance and remains an attractive investment for our family trust,” Mr Agarwal said while announcing his plan to increase its shareholding in the firm last month.

Anil Agarwal is known as the manager of commodity-producing networks, via his family holding Volcan. The firm controls Vendata Resources Plc, which has many subsidiaries including Hindustan Zinc.

Louis-Nino Kansoun