Aditya Birla Nuvo has said that it is poised to invest as much as Rs350 crore for its financial services businesses.

Aditya Birla Nuv, the parent firm of Aditya Birla Financial Services, is planning to invest up to Rs350 crore ($59.6 million) in its financial services businesses in 2014-2015, according to the latest investor update by the firm. 

The company's financial services arm includes life insurance, asset management, non-bank financial corporations, private equity, broking, wealth management and general insurance advisory. It has yet to specify, however, how the planned capital will be distributed among divisions. 

"For 2014-15, ABNL has earmarked a capital expenditure plan of around Rs460 crore. The company plans to invest about Rs350 crore in the financial services business," said the statement.

Aditya Birla Nuvo's financial services arm posted a revenue of Rs6,640 crore in 2013-2014. It operates in 36 countries worldwide and derives 50 per cent of its earnings from its overseas operations. Beyond financial services, it is also involved in fashion, telecoms and manufacturing.