Aditya Birla group to invest Rs 1,000 cr in lending, health insurance biz

Company has provided Rs 60 cr for IL&FS group exposure at Rs 220 cr; gets board nod to raise Rs 3,500 crore of equity

Aditya Birla group plans to invest between Rs 800-1,000 crore a year in its lending and health insurance businesses to support growth plans.

Aditya Birla Capital Ltd (ABCL), financial services arm of the group, has obtained approval from its board to raise up to Rs 3,500 crore of equity capital.

Ajay Srinivasan, the Chief Executive Officer at ABCL, said the board nod for the capital raising plan is an enabling resolution. Various businesses under ABCL need capital to grow. The company also has the ability to leverage and provide capital to subsidiaries.

ABCL, a holding company for insurance, asset management,