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.
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 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.
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
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
The Aditya Birla Group mayrestructure plan to bring all its retail verticals under Pantaloon Fashion & Retail.
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
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.
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
'Unlike Big Bazaar, where the promoter calls the shot, in ABRL, professionals take decisions. So, every new CEO leads to a change in strategy, which confuses vendors and the team.'
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
Aditya Birla Nuvo gets board's nod, Videocon submits application.
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
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SBI will hold 30 per cent in RIL joint venture
SBI was the top gainer after it reported lower-than-expected rise in bad loans
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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.
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
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
The Sensex closed the day at 27,490, higher by 479 points and the Nifty ended at 8331.95, up 150.45 points.
Bank shares were the top losers along with index heavyweight RIL
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
A total of 41 companies had applied for the permit
It is unrealistic to expect that change will happen in one year: Birla
While UltraTech Cement has been the biggest value creator adding nearly Rs 99,000 crore to its market capitalisation, Grasim Industries has added around Rs 27,000 crore to its market cap.
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.
'We have great demographics, and are the fastest growing large economy. And we save.' 'All of which is great for financial services,' Aditya Birla Capital CEO Ajay Srinivasan tells Niraj Bhatt.
As many as 58 companies raised money from automatic route and 8 firms raised via approval route.
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.
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Reliance, Birla Group, Airtel eye small finance banks.
Jaitley said banking network is expanding hugely and the health of banks reflects on the challenges for the economy.
Nandan Nilekani complimented RBI on granting licenses to payments banks, calling it 'a great revolution'.
The Aditya Birla group's decision to merge two companies, each with an existing clutch of diverse businesses, flies in the face of the accumulated wisdom regarding conglomerates, says T N Ninan.
The surge in deal value is largely due to the $12.9 bn Essar-Rosneft deal
Hamsini Karthik reveals why the ongoing business rejig will help unlock value for shareholders of Grasim, Reliance Capital and Tube Investments
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