Indian billionaire Anil Agarwal picks up 11.44 per cent stake in British mining group Anglo American

Indian billionaire Anil Agarwal who owns Volcan has become the second largest shareholder in Anglo American after picking up 11.44 per cent of the British mining group, the group said on Friday.

According to a notice posted on the London Stock Exchange, the Volcan Holdings investment company owned by Agarwal's family now owns 11.44 per cent of the group's capital and voting rights following Tuesday's share purchase.

It is now the second largest shareholder behind South Africa's Public Investment Group.

Volcan also owns mining competitor Vedanta Resources, which specialises in zinc. Agarwal last month told the FT Global Commodities Summit that he did not intend to seek a seat on Anglo-American's board.