Ex Rio Tinto boss to helm Vedanta Resources

FORMER Rio Tinto boss Tom Albanese is to be the new chief executive of smaller rival Vedanta Resources.

00:01, Fri, Mar 7, 2014

Former Rio Tinto boss Tom Albanese is to be the new chief executive of Vedanta Resources Former Rio Tinto boss Tom Albanese is to be the new chief executive of Vedanta Resources [GETTY]

The American’s appointment is seen as a signal of intent by London-listed Vedanta.

Valued at £2.3billion, the Indian-focused group fell out of the FTSE 100 index last year after its shares fell by a quarter.

They jumped 38p to 504p yesterday.

Albanese left Rio 14 months ago after a commodities downturn led to heavy losses from takeovers he engineered.

He has been running a Vedanta subsidiary since September.