Sterlite Industries founder Anil Agarwal is set to become one of the wealthiest businessmen in the United Kingdom when he lists his mining company 'Vedanta' on the London Stock Exchange.

Vedanta will be the holding company for Mumbai-based Sterlite Industries, be domiciled in the UK and headquartered in London after the float. It will publish its pathfinder prospectus on Thursday.

Agarwal founded Sterlite Industries in 1976. It has substantial assets in copper, zinc and aluminium and had earnings of $300 million this year. It is estimated to be worth between $1.3 billion (770 million pounds) and $1.4 billion.

The proposed $700 million fundraising will dilute Agarwal's stake to about 60 per cent leaving him with a paper fortune of least 800 million pounds, The Sunday Times reported.

Its float will be the biggest listing in the city this year and will be the first primary listing of an Indian firm in the London market.

Agarwal, who has bought a 20 million pound home in London's Mayfair, is applying to become a British resident. If all his assets are taken into account, he could be listed among Britain's 20 richest individuals.

His advisers have spent seven months 'tidying up' the company so it can comply with UK's corporate-governance rules. This involved stopping Agarwal's companies paying for his jet, homes and servants.

In India, he enjoyed a big pay package, but this has been trimmed and brought in line with remuneration at other mining companies listed in London.

A progressive dividend policy has been put in place, which is unusual for a mining company but reflects the group's low production costs and strong cash flow generated by its Indian and Australian assets.