Aditya Birla Nuvo to be merged with Grasim Industries

Aditya Birla Nuvo Ltd and the Grasim Industries Ltd are the subsidiaries of the Aditya Birla Group.

Created On: Apr 12, 2017 18:39 ISTModified On: Apr 12, 2017 18:56 IST

aditya birla grasim corporate mergerThe shareholders of Grasim Industries Limited, Aditya Birla Nuvo Limited (ABNL) and Aditya Biral Financial Services Limited (ABFSL) in April 2017 approved the Scheme of amalgamation of ABNL with Grasim.

Besides, the shareholders also approved demerger and listing of the Aditya Biral Financial Services Limited, which is a part of the ABFSL.

The merged entity Grasim will have proforma consolidated turnover of Rs 59,766 crore, EBITDA of Rs 11,961 crore and a net profit of Rs 4,245 crore for the year ended March 2016. It will be

•    Number 1 cement company in India with the largest selling brand

•    Among the top 5 fund managers in India with funds under management of Rs 2,29,500 crore

•    Among the top 7 private non-HFC NBFCs in India with a lending book of Rs 29,852 crore

•    Among the top 4 private sector life insurers and asset management companies in India

•    A leading player in textiles and chemicals

•    Third largest telecom operator in India

With all major approvals in place, the Scheme is subject to final approval from the National Company Law Tribunal (NCLT), the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

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About Grasim Industries Limited

•    It is a conglomerate having leadership positions in cement, viscose staple fibre and chemicals businesses.

•    Its subsidiary UltraTech Cement Ltd is the largest Indian cement manufacturer with a capacity of 69.3 million tons per annum and is also the largest in the white cement and ready mix concrete segment.

About Aditya Birla Nuvo Ltd

•    It is a conglomerate with leadership positions across its businesses.

•    Its Financial Services Business ranks among the top 5 fund managers in India.

•    Its telecom venture, Idea Cellular, is among the top 3 cellular operators in India.

•    Recently, it received a license from RBI to commence Payments Bank operations in a joint venture with Idea Cellular.

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एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

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