 "Aditya Birla Group plans to hive off financial services arm from AB Nuvo")
Investment banks have made suggestions to the Aditya Birla Group to hive off its financial services and insurance businesses from BSE-listed Aditya Birla Nuvo to invite new investments in the two businesses.
As per banking sources, the group is considering the proposal and would soon take a call on this.
A proposal was also made to merge Grasim with AB Nuvo, but the management is in two minds due to very high tax implications and an increase in holding company discount in the merged entity.
The shareholders of AB Nuvo may get shares in Grasim in lieu of telecom operator Idea Cellular shares that would be consolidated under Grasim.
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