Agarwal, a one-time scrap metal dealer, made the announcement at an event in London to celebrate the 10 year anniversary of Vedanta's listing on the London Stock Exchange.

Agarwal told Reuters he would keep his stake in the mining company for now but might ultimately divest it.

"We have decided we have to give back to society," he said on the sidelines of the Vedanta event.

Forbes estimated that the 61-year-old Indian entrepreneur has a net worth of $3.5 billion (2.14 billion British pound).

(Reporting by Richa Naidu in Bangalore and Silvia Antonioli in London; Editing by Cynthia Osterman)

By Silvia Antonioli