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.
It hopes to enter the business in 9-15 months. "We have plans to enter diesel generator, petrol, LPG and kerosene segment, but it will be too early to comment on any specific deal," said Kalyan Bhattacharya, president and CEO, Birla Power Solutions. "The size of the acquisition will depend on the horse power of the engines manufactured by the company. BPSL is looking at a company manufacturing diesel engines of capacities ranging between 25 horse power and 200 horse power."
These are the top buyers of the scrapped electoral bonds, the data for which was released by the Election Commission on Thursday.
BofA-ML mandated to find buyer for 27.5% stake in media group's holding firm
'Aleris will bring in $3 billion of revenue. Novelis has $12 billion of revenues. If we add Hindalco's $6-billion revenue, then on a consolidated basis, we will become the world's largest aluminium company outside China.'
Ali also shared the screenshot of a purported hate message in Hindi referring to the derogatory remarks made by Bidhuri.
President Murmu reached the new Parliament building in a six-horse buggy accompanied by the Presidential Bodyguards riding horses.
'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.'
It took the Aditya Birla group four years to make up its mind on entering the the burgeoning e-commerce market in the country.
Rajendra S Lodha, the chartered accountant who has staked claim on the Rs 5000 crore (Rs 50 billion) assets of the M P Birla group
Heavy rain in the first week of July compensated for the shortfall but caused flooding in many northeastern states.
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.
According to two independent sources in the know, the group is exploring the possibility of tapping private equity investors for a significant minority stake in the company or may even exit the business, provided it gets a significant exit premium.
While the Tatas are looking for PE deals of about $50 million or less, the A V Birla Group is eyeing deals worth not more than $25 million. Tata Capital is banking on its ability to source deals by exploiting the existing Tata ecosystem of suppliers and customers. The Birla group, which has committed 40 per cent of the $250-million corpus it planned to raise for its PE fund, is looking to leverage its strength to source and evaluate deals.
Using brand names of parent companies will help these firms connect with new customers.
The major security breach in Parliament on Wednesday brought to the fore shortcomings in the security protocol, driven in part by the shortage of parliamentary staff assigned to enforce it, a point made by some leaders in the all-party meeting convened by Lok Sabha Speaker Om Birla.
The case relating to the disputed will of Priyamvada Birla was on Tuesday assigned to the court of Justice Kalyanjyoti Sengupta and its date of hearing would be announced soon.
It also saw the suspension of 100 members in a span of four days for unruly conduct and a major security breach on the anniversary of the 2001 Parliament terror attack.
For the first time, Modi is eyeball to eyeball with his bete noire, sitting a few feet across him. Given the last 10 years, a confrontation between them was unavoidable, inevitable, points out Saisuresh Sivaswamy.
He also said that the BJP's defeat in Faizabad seat of Ayodhya, where the Ram temple has been built, shows the wisdom of voters.
Business India has selected Aditya Birla Group chairman Kumar Mangalam Birla as the 'Businessman of the Year'
The Aditya Birla group is close to buying the Reddy family's 66.32 per cent stake in Apollo Sindhoori Capital Investments (ASCIL), marking a re-entry of the group into the broking business.
Former Prime Minister Manmohan Singh, Birla and former Coal Secretary P C Parakh were summoned.
Sonia also described the mention of Emergency by the PM, the Lok Sabha Speaker as an attempt to divert attention from the "assault on the Constitution".
Brand name of the proposed bank has to be sent to RBI by July 1.
Given gains in equity prices, it is not surprising that the earnings of asset management companies (AMCs) are growing quicker. The earnings momentum looks set to continue. Good fund performances have thus led to AMC earnings upgrades although valuations are high. Recent market performance and net flow trends have led to earnings upgrades by between 3-8 per cent for FY25-27.
Tata Birla is an ordinary fare. Ravichandran and Jaggesh combo fails to enliven the magic of earlier films. Director Magadi's weak script and Guru Kiran's ordinary music are the weak links. The glamour girls do not contribute anything to lift the film.
