ABNL to Invest 350 cr in Financial Services Biz by 2015
Diversified conglomerate Aditya Birla Nuvo (ABNL) will invest .` 350 crore in its financial services business in the current fiscal. “For 2014-15, ABNL has earmarked a capital expenditure plan of around .` 460 crore.
It plans to invest about .` 350 crore in the financial services business,” the company said in an investor update. The company, however, has not specified which segments in its financial arm — Aditya Birla Financial Services — will receive capital. ABFS is into life insurance, asset management, broking, NBFCs, PEs, wealth management and general insurance advisory. The arm reported a consolidated revenue of .` 6,640 crore in 2013-14. ABNL reported 11.43% decline in consolidated net profit at .` 176 crore for the quarter ended March 31, 2014 as against .` 199 crore a year ago. Net sales during the last quarter of FY14 grew by a marginal 2.13% to .` 7,050 crore.