Is this the time for any mergers and acquisitions? Well, for NRI billionaire Anil Agarwal-led Vedanta Resources, it seems to be. Anil Aggarwal has always been a maverick. No wonder, at a time when all cash strapped corporates plan to postpone buyouts; he wants to buck the trend. NDTV has learnt that flagship Vedanta Resources, the global metals and mining major is on the prowl, looking out for mining assets for acquisition. It has given a mandate to three investment banks namely Citigroup, JPMorgan and Morgan Stanley to hunt for copper, iron ore and coal assets in Australia and Africa, for up to $2 billion. The senior management of Vedanta Resources confirmed to NDTV that they are hunting for assets that would be much cheaper at the present valuations as commodity prices have seen a steep decline over the past few years. Moreover, Vedanta resources claimed to have about $6 billion as cash flows till last reported and this could come handy on its acquisition spree. Also with huge metal plans, Anil Agarwal will try and use this opportunity to secure raw material resources. Tuticorin copper plant has only 10 per cent of the total copper concentrate required and its Australian copper reserves are exhausting fast. As for steel, although Anil Agarwal has acquired Sesa Goa, he is hungry for more and with power projects also taking off coal is in good demand. Upendra Kulkarni, Director & CEO, Fortress Financial Services, said, "Backward integration is a great strategy in the long term. If Vedanta is out buying right now, it will be good for them in the long term." However, this move is likely to surprise many as the earlier acquisition, Asarco is still on the negotiating table due to the price tag. Although, its outcome will certainly decide on his budget for future buyouts, but with this new mandate, one is bound to wonder — is Mr Aggarwal already looking at alternative plans?