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Aditya Birla Nuvo, Grasim to merge, creating ₹60000-crore behemoth

Aditya Birla Nuvo, Grasim to merge, creating ₹60000-crore behemoth
13 August 2016 Current Affairs: The Aditya Birla Group has announced a plan to merge Aditya Birla Nuvo Ltd (ABNL) with Grasim Industries to create an entity with combined revenue of Rs. 60,000 crore. 

Under this plan, the financial services business will be demerged into a newly formed company — Aditya Birla Financial Services Ltd (ABFSL), which will be listed separately. The transaction will be completed by the end of the current fiscal, but the financial services arm will be listed next year.

The deal will be done in two steps. First, ABNL will be merged into Grasim, that will be followed by the demerger of the financial services business. The merger will also consolidate the cross-holding within the group as both companies own stakes in Idea Cellular, Aditya Birla Fashion and Retail and Hindalco Industries. 

However, Grasim has a cash surplus of rs. 500 crore, while Aditya Birla Nuvo has net debt of ₹2,500 crore. So, the restructured Grasim will have net debt of ₹2,000 crore after the merger.


March 2017 Current affairs
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February 2017 Current affairs
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January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
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29 DEC
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28 DEC
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27 DEC
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26 DEC
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November 2016 Current affairs
30 NOV
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29 NOV
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28 NOV
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26 NOV
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25 NOV
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24 NOV
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