The industrialist said he believed Indian companies were not getting the valuation and growth they deserved and had decided to list Vedanta on the London Stock Exchange.
But there was one major hurdle.
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At the time, India’s foreign exchange and cross-border listing rules were very strict. The London Stock Exchange required just one document – a No Objection Certificate (NOC) from the Government of India.
Agarwal said he travelled to Delhi and met several government officials before finally getting an opportunity to present his case to Vajpayee.
The former prime minister listened patiently before turning to then Finance Minister Jaswant Singh.
“The boy seems alright. We should help him; foreign exchange will come into the country,” Agarwal quoted Vajpayee as saying.
‘THE REST IS HISTORY’
Armed with the government’s NOC, Agarwal returned to London.
“Holding the NOC letter from the Government of India in my hand, I returned to London once again…the rest is history!” he said.
According to Agarwal, Vedanta went on to become the first Indian company to list on the London Stock Exchange and later secured a place in the FTSE 100 index. He described it as “a first and unforgettable experience.”
Ending his post on a reflective note, Agarwal quoted a popular Hindi verse: “Kaun kehta hai aasman me chhed nahi ho sakta, ek patthar to tabiyat se uchhale yaaro (Who says there can’t be any hole in the sky, Just throw a stone with flair, my friends).”
Vajpayee served as Prime Minister in three terms – first for 13 days from May 16 to June 1, 1996, then from March 19, 1998, to April 17, 1999, and finally from October 13, 1999, to May 22, 2004, when he became the first non-Congress Prime Minister to complete a full five-year term.
