Vedanta Resources was founded in Bombay in 1976 by Anil Agarwal, who is also its Executive Chairman. Agarwal founded Sterlite Industries in 1976[7] and then in 1986 established Vedanta Resources bringing together a variety of businesses owned by the Agarwal family.[8] It was first listed on the London Stock Exchange in 2003 when it raised $876 million through an Initial Public Offering.In December 2011 it announced the US$8.67 billion acquisition of Cairn India, a subsidiary of Cairn Energy.