Indian tycoon buys significant chunk of Anglo American

Indian mining billionaire Anil Agarwal (pictured) has said he intends to buy a further R27 billion worth of Anglo American shares. This in addition to the 12.43 percent stake he built since an announcement earlier this year that his Volcan unit would be investing in the company.

Agarwal said in a statement:

"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."

Agarwal also said that the purchase, which is the equivalent of about 9 percent, was a family investment and that he does not intend to make a takeover offer for the company.

After the purchase, the Indian billionaire will become the largest shareholder ahead of South Africa's Public Investment Corporation.