ABNL to In­vest 350 cr in Fi­nan­cial Ser­vices Biz by 2015

The Economic Times - - Business Of Brands - PTI

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.

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