The Aditya Birla Group is back in acquisition mode, as group firm Aditya Birla Nuvo may bid for the carbon black division of Germany's Evonik Industries. The division, with annual sales of $1.3 billion and 1,700 employees across 12 countries, is the second largest in the world.
It will also close 30 unviable stores. The company's move comes after its net loss widened to Rs 141.2 crore in the March-ended quarter, owing to mounting losses in apparels. The loss was Rs 82.2 crore in the apparel business, against a loss of Rs 4.44 crore in the corresponding quarter of the previous financial year.
Aditya Birla Nuvo is in talks with global private equity players Blackstone, Carlyle and KKR to sell shareholding in its proposed holding firm for its financial services business. The financial services holding company will house its asset management, insurance, stock broking, wealth management and private equity businesses.
Diversified conglomerate Aditya Birla Nuvo will acquire 56 per cent stake in retail broking firm Apollo Sindhoori Capital Investments for a consideration of Rs 198.8 crore (Rs 1.988 billion), a move that will strengthen the financial services segment of the group.
Aditya Birla Nuvo plans to extend its footprint in apparel retailing through two subsidiaries for mens exclusive lifestyle and Peter England family stores. Madura Garments, the company's branded apparel division, crossed a turnover of Rs 1,000 crore (Rs 10 billion) in FY08.
Aditya Birla Nuvo, the mini-conglomerate of Kumar Mangalam Birla, plans to deploy the surplus cash generated by its older-businesses such as carbon black, fertilisers, insulators, rayon and textiles in the growing new-generation businesses -- financial services, telecom, BPO and IT. Further, the company is looking at a transformation from a manufacturer to a 'premium conglomerate'.
The Aditya Birla Group announced the merger of its two holding companies, Aditya Birla Nuvo and Grasim, to make the holding structure clearer, ensure stable cash flows and unlock value in its financial services arm
The post-Covid pandemic boom in corporate revenues appeared to have faded away in 2023-24. Yet, companies have reported a sharp recovery in their profits in FY24, driven by high margins. Their combined net sales, including gross interest income for lenders, rose by a modest 4.8 per cent year-on-year (Y-o-Y) in FY24.
Close on the heels of Aditya Birla Group's restructuring move, its flagship Indian Rayon on Thursday said it will seek shareholders' nod to change its name to 'Aditya Birla Nuvo Ltd'. \nThe Rs 5,000 crore (Rs 50 billion) Aditya Birla Group had on Sep
Birlas on Monday said that the Tatas as a group were not the promoters of telecom joint venture Idea and hence not obliged to exit the business
Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
SBI was the top gainer after it reported lower-than-expected rise in bad loans
The Aditya Birla group, led by Kumar Mangalam Birla, has taken charge of its mutual fund joint venture with Sun Life Financial of Canada by buying 1 per cent stake from the latter.
We are now looking at getting offshore development capabilities and working with Minacs to provide an IT-blended solutions for the banking, financial services and insurance segment
Launching a counter offensive in the ongoing controversy over stake holding in Idea Cellular, Tatas on Tuesday dubbed the position of joint venture partner AV Birla Group as "misleading" and asserted that they were under no legal obligation to exit f
A total of 41 companies had applied for the permit
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
Bank shares were the top losers along with index heavyweight RIL
India Inc raised $2.78 billion from overseas markets in October this year, up 44 per cent from a year ago, according to the Reserve Bank data released on Friday.
As many as 58 companies raised money from automatic route and 8 firms raised via approval route.
The Sensex closed the day at 27,490, higher by 479 points and the Nifty ended at 8331.95, up 150.45 points.
Jaitley said banking network is expanding hugely and the health of banks reflects on the challenges for the economy.
It is unrealistic to expect that change will happen in one year: Birla
Nandan Nilekani complimented RBI on granting licenses to payments banks, calling it 'a great revolution'.
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SBI will hold 30 per cent in RIL joint venture
Aditya Birla Nuvo gets board's nod, Videocon submits application.
The Aditya Birla Group mayrestructure plan to bring all its retail verticals under Pantaloon Fashion & Retail.
The members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
Top companies added employees at 3% CAGR from 2003-04 to 2013-14, while revenues grew at 18%.
Telecom companies (Airtel, Vodafone, ABNL-via Idea Cellular), which enjoy larger reach, appear to be better placed among the key companies bagging payments bank licences.
Last August, RBI gave in-principle approval to 11 applicants.
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
The surge in deal value is largely due to the $12.9 bn Essar-Rosneft deal
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Last year, the software giant launched a cloud adoption programme for SMBs.
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Senior company officials said the funds would be used to expand its financial services business in rural India where the group would be opening more branches.
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