Aditya Birla Nuvo to buy Apollo Sindhoori

Aditya Birla Nuvo to buy Apollo Sindhoori
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First Published: Thu, Aug 28 2008. 02 43 PM IST
Updated: Thu, Aug 28 2008. 02 43 PM IST
Mumbai: Aditya Birla Nuvo Ltd, a part of the Aditya Birla Group entered into an agreement with Apollo Sindhoori (ASCIL) to acquire 56% stake in the retail broking company for Rs198.8 crore.
The move will strategically further strengthen the position of the financial services group as a manufacturer and distributor of value added financial products.
Aditya Birla Nuvo Ltd will make an open offer, post receiving the necessary approvals.
“The strategic intent of this agreement is to position Aditya Birla Financial Services Group as a broad based and integrated player in the financial services business. We already have a strong presence across financial services verticals like such as life insurance, fund management, distribution and wealth management,” said Ajay Srinivasan, Chief Executive, Financial Services, Aditya Birla Group.
“Apollo Sindhoori Capital Investments offers us a well established platform with a capable team that will integrate well into our existing business and further strengthen our presence in the financial services space,” he added.
“We have chosen to retain a 10% stake, as we believe the Aditya Birla Group will add substantial value to the company,” noted Suneeta Reddy, Director, Apollo Sindhoori.
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First Published: Thu, Aug 28 2008. 02 43 PM IST