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Indian Conglomerate Earmarks Million-Dollar Investment For Financial Services Unit In 2014-15
Vanessa Doctor
27 May 2014
, 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.