Aditya Birla Nuvo will infuse Rs 300 crore in the groups non-banking and finance (NBFC) arm Aditya Birla Finance Ltd. The infusion, said the group would give a boost to the NBFCs net worth and business expansion.
According to sources, the group had plans to enter into the banking sector through the NBFC, which is why it was trying to boost the company's net worth.
Speaking on the above development, Sudhakar Ramasubramanian, Chief Executive Officer, Aditya Birla Finance said: “Aditya Birla Finance is actively pursuing new avenues for growth while the focus will continue to remain on creating and maximizing value for all our stakeholders. Long-term and asset backed products would continue to be the key drivers of our growth plan. The fresh capital infusion will thus help ABF in meeting the solvency requirements and expanding operations due to increase in our portfolio and new product launches.”
He further adds, “We are planning to provide innovative solutions to satisfy our customer’s needs and we are excited about the growth prospects in this space. The capital infusion will ensure that our growth momentum improves further”.
Aditya Birla Finance, formerly known as Birla Global Finance, is one of India’s leading non-banking financial companies (NBFC). The company is one of the largest players in security based lending and the pioneer in IPO Financing in India. ABF offers specialised solutions in areas of Capital Market and Corporate Finance. Recently, the company also marked its entry into Microfinance. Through its financing solutions ABF enables its customers to pursue ambitious growth strategies and execute value-creating transactions.
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