Aditya Birla Nuvo to merge with Grasim
New Delhi, August 11
In yet another consolidation exercise, the $41-billion Aditya Birla Group plans to merge group firms Aditya Birla Nuvo Ltd and Grasim, and hive off financial services business into a separate entity, which will be listed later.
The Boards of Aditya Birla Nuvo Ltd (ABNL) and Grasim Industries today approved a composite scheme of arrangement between the two firms and Aditya Birla Financial Services Ltd (ABFSL).
As per the scheme, ABNL will merge with Grasim and after the merger, the financial services business of the combined entity will be hived off and merged with ABFSL, whose shares will consequently be listed. — PTI
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