Aditya Birla Nuvo

Having grown larger than some of the banks, he tells Hamsini Karthik shareholders' value enhancement possibly through value unlocking would be something that ABCL would consider going ahead

Deal would give tycoon Birla tighter grip on conglomerate

After Voda merger, Idea promoters can concentrate on other verticals, a positive for ABNL or Grasim

Deal to create Rs 60,000-cr entity; financial services business to be listed after demerger

According to the plan, the entire shareholding of Idea Cellular would be consolidated in Grasim and shareholders of Nuvo will get Grasim's shares in lieu of their 24 per cent stake

After HDFC Life-Max Life deal, company's financials business could bring valuation boost

In past four trading sessions, the stock gained 7% as compared to 1.4% decline in the S&P BSE Sensex.

Aditya Birla Nuvo Ltd (ABNL) today announced formation of a joint venture with group firm Idea Cellular to set up a payments bank. Last year in August, RBI had given in-principle approval to the company to set up a Payments Bank under the guidelines for licensing of Payments Banks. The company jointly with Idea Cellular Ltd has incorporated a new subsidiary for the aforesaid purpose in the name and style of Aditye Birla Idea Payments Bank Ltd, Aditya Birla Nuvo Ltd (ABNL) said in a BSE filing. ABNL will hold 51 per cent shares and the rest 49 per cent by Idea Cellular, it added. Payments banks are allowed to collect deposits (initially up to Rs 1 lakh per individual), offer Internet banking, facilitate money transfers and sell insurance and mutual funds. A total of 11 entities, including Reliance Industries, Airtel M Commerce Services Limited, Vodafone m-pesa, Tech Mahindra and Department of Posts were given 'in-principal' approval by RBI to set up such ...