Aditya Birla Finance to merge with parent Aditya Birla Capital
The Hindu
Aditya Birla Capital Ltd. has announced the amalgamation of Aditya Birla Finance Ltd., its wholly-owned subsidiary, with itself to create a large unified operating non-banking finance company (NBFC).
Aditya Birla Capital Ltd. has announced the amalgamation of Aditya Birla Finance Ltd., its wholly-owned subsidiary, with itself to create a large unified operating non-banking finance company (NBFC).
The board of directors of both the companies on Monday approved the scheme of amalgamation which is subject to regulatory and other approvals.
Aditya Birla Capital is a listed, systemically important non-deposit taking core investment company (NBFC-CIC). Aditya Birla Finance is a non-deposit taking systematically important NBFC (NBFC-ICC).
Kumar Mangalam Birla, Chairman Aditya Birla Group said, “The proposed amalgamation will create a strong capital base for Aditya Birla Capital to grow its business ......”
Vishakha Mulye, CEO, Aditya Birla Capital said, “The proposed amalgamation will help us to serve our customers better, achieve efficient utilisation of capital, enhance operational efficiencies, and holds the potential to create long-term value for all our stakeholders.”
Upon the scheme becoming effective, Vishakha Mulye would assume the role as MD & CEO and Rakesh Singh would be the Executive Director and CEO (NBFC) of the amalgamated company.
The proposed amalgamation would result in reduction of legal entities and simplification of the group structure of Aditya Birla Capital. Post completion of the amalgamation, Aditya Birla Capital would get converted from a holding company to an operating NBFC.
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