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Aditya Birla Nuvo to Invest Rs. 350 Crore in Financial Services in 2014-15

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Diversified conglomerate Aditya Birla Nuvo Ltd (ABNL) has said it plans to invest Rs. 350 crore in its financial services business in the current fiscal year.

“For 2014-15, ABNL has earmarked a capital expenditure plan of around Rs. 460 crore. The company plans to invest about Rs. 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 (ABFS) – will receive capital infusion.

ABFS is into life insurance, asset management, broking, non-banking finance companies (NBFC), private equity, wealth management and general insurance advisory. The arm reported a consolidated revenue of Rs. 6,640 crore in 2013-14.

ABNL reported an 11.43 per cent decline in consolidated net profit at Rs. 176.13 crore for the quarter ended March 31, 2014 as against Rs. 198.87 crore in the corresponding quarter a year ago.

Net sales during the last quarter of FY14 grew by a marginal 2.13 per cent to Rs. 7,049.92 crore from Rs. 6,902.84 crore in the year-ago period.

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