Aditya Birla Nuvo, Idea Cellular formed joint venture for setting up Payments Bank

Feb 22, 2016 15:55 IST

Aditya Birla Group’s two companies Aditya Birla Nuvo Ltd (ABNL) and Idea Cellular Limited on 19 February 2016 announced that they formed a joint venture company.

The joint venture will be known as Aditya Birla Idea Payment Banks Limited and was set up under the Guidelines for Licensing of Payment Banks issued by the Reserve Bank of India on 27 November 2014.

In the payments bank, while Aditya Birla Nuvo will be holding up to 51 percent shares, balance 49 percent shares will be held by the Idea Cellular.

While ABNL is a 4.4 billion US dollar premium conglomerate and active in textiles and apparel, carbon black, fertilizers, insulators, mobile telephony and financial services; Idea Cellular is India's third largest mobile operator by subscriber base.

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