Aditya Birla Nuvo shareholders sign off Grasim merger plan

Deal would give tycoon Birla tighter grip on conglomerate

Shareholders of Aditya Birla Nuvo Ltd, controlled by billionaire Kumar Mangalam Birla, approved plans for a merger with Grasim Industries that would create a firm with $9 billion in combined revenue.

About 83 per cent of ABNL minority shareholder votes cast were in favor of a proposal to merge with affiliate Grasim, according to a statement from ABNL Monday. Grasim’s minority shareholders already voted their consent to the merger plan, according to an April 6 statement. The transaction still needs approvals from the company law tribunal, markets regulator and exchanges.

The deal, an overhaul that also involves the spinoff of a financial