Aditya Birla To Spin Off Financial Services In Group Restructuring

Mumbai: Conglomerate Aditya Birla Group plans to merge its subsidiaries Grasim Industries Ltd and Aditya Birla Nuvo Ltd through a stock swap and spin off its financial services business, it said on Thursday. The plan is part of a restructuring of the group, run by billionaire Kumar Mangalam Birla, to simplify its complex holding structure and focus more on financial services. "Our financial services business has reached the size an...