The financial services holding company will house its asset management, insurance, stock broking, wealth management and private equity businesses
Aditya Birla Nuvo is discussing prospects with global private equity players – Blackstone, Carlyle and KKR, to bid shareholding in its proposed holding firm for its financial services business – reported Business Standard.
The financial services holding company will house its asset management, insurance, stock broking, wealth management and private equity businesses.
The company, in a joint venture with Canada’s Sun Life, holds 74% in its life insurance and 50% in its asset management company, under Birla Sun Life. It acquired Apollo Sindhoori from the Chennai-based Reddy family to scale up its stockbroking business. Nuvo also increased its stake in the distribution and wealth management company, Birla Sun Life Distribution, by purchasing Sun Life’s 50% stake, as quoted in the magazine.
The company is focussing on the life insurance business as it expects over half the revenue to come from this sector by the end of 2010-11.
The company earlier stated that the group had lined up capital expenditure of around INR10 billion during the current financial year for the business, while another INR8 billion will be required in 2010-11.