Aditya Birla Nuvo to merge with Grasim Industries
PTI After consolidating its garments business into a single entity last year, the USD 41-billion Aditya Birla Group today finalised plans to merge Aditya Birla Nuvo with flagship Grasim Industries and hive off financial services business into a separate entity. The merger is scheduled to be completed by the first quarter of next fiscal, while the financial services business will be listed by June 2017. The merged Grasim will create a behemoth with an aggregate turnover of Rs 59,766 crore and an EBITDA of around Rs 11,961 crore (as per March 2016 closing). This will also make Grasim the top cement company with the largest selling brand (UltraTech), among the top 10 diversified NBFCs, among the top four private life insurers and ...
