GRASIM INDUSTRIES GETS RBI NOD TO HIKE FOREIGN INVESTMENT TO 49 PER CENT
According to reports, Grasim Industries has received approval from the Reserve Bank of India to raise foreign shareholding to 49 per cent from the existing limit of 30 per cent. The same has been approved under the portfolio investment scheme (PIS). Grasim Industries is a flagship company of the Aditya Birla Group. It commenced operations in 1948 as a textiles manufacturer. Today, its businesses comprise the manufacture of viscose staple fibre, cement, textiles and chemicals. To increase FIIs/ FPIs’ investment limit, the company has passed necessary resolutions at the board of directors’ level. A special resolution by its general body has also been passed.