Friday, November 22

Tag: Aditya Birla group

Aditya Birla Group in Talks to Acquire IL&FS’s Education Arm
28Sep By Gauri SinghNo Comments
ACQUISITION

Aditya Birla Group in Talks to Acquire IL&FS’s Education Arm

Indian conglomerate Aditya Birla Group is eyeing to acquire the education and training arm of Infrastructure Leasing and Financial Services Ltd (IL&FS). The arm is known as IL&FS Education and Technology Services (IETS). IETS is a wholly owned subsidiary of IL&FS and operates computer labs in government schools under the build-own-operate (BOO) model. It manages 16,000 schools in 11 states and also offers vocational skills training to youth funded by governments and corporates. Last year, the company trained nearly 300,000 candidates and was the biggest such trainer under the Pradhan Mantri Kaushal Vikas Yojana which is the Indian government’s skill development programme. The company is operational in 17 countries in the Middle East and North Africa and South and South...
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Amazon, Samara Capital Acquire Aditya Birla Group’s ‘More’
20Sep By Gauri SinghNo Comments
ACQUISITION

Amazon, Samara Capital Acquire Aditya Birla Group’s ‘More’

In the era of growing acquisitions, retail giant Amazon and home-grown equity fund Samara Capital have entered into a deal to acquire Aditya Birla Group's food and grocery retail chain known as ‘More’. After Future Group's Big Bazaar, Reliance Retail and DMart, More is the fourth-largest supermarket chain in the country. The two companies acquired the retail chain in a deal worth the enterprise valuation of Rs 4,200 crore. Aditya Birla Retail Ltd (ABRL) owns and operates 575 More stores. Following the acquisition, Samara Capital took over 51% of Kumar Mangalam Birla's ABRL, on the other hand, Amazon.com NV Investment Holdings LLC, Amazon's investment arm got hold of the rest 49%. “The board of directors of the company, at its meeting held on September 19, 2018, has approved the sale...
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UltraTech to Buy Century’s Textile Cement Business in a Share Swap Deal
21May By Lavina TolaniNo Comments
BUSINESS

UltraTech to Buy Century’s Textile Cement Business in a Share Swap Deal

Aditya Birla Group Company UltraTech Cement has announced to buy the cement business of Century Textiles and Industries through a share swap deal that will make the company third largest player globally (Excluding China) crossing the 100-million-tonne capacity. The deal is proposed to involve an enterprise value of Rs 8,621 crore that includes a debt of Rs 3,000 crore. As per the latest Board Meeting of the company, an approval has been sought for a scheme of arrangement amongst Century Textiles and Industries and its respective shareholders and creditors and will likely complete before the end of this year. As a part of the deal, Century Textiles will first separate the cement division and then the demerged company will be combined with UltraTech. Shareholders of UltraTech will get ...
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Know Why Pepsico India CEO Shivakumar Resigned from his Job
10Oct By Press Trust of IndiaNo Comments
BUSINESS

Know Why Pepsico India CEO Shivakumar Resigned from his Job

Pepsico India Chairman and CEO D Shivakumar has resigned from the company after serving for nearly four years and will join Aditya Birla Group as the head of strategy and business development. Shivakumar has been replaced by Ahmed El Sheikh, Senior Vice President and General Manager for PepsiCo Egypt and Jordan, PepsiCo India said in a statement. "Shiv has been with PepsiCo for the past four years and has been instrumental in leading the transformation journey for the company," Pepsico CEO Asia, Middle East and North Africa (AMENA) Sector Sanjeev Chadha said. Shivakumar, who is expected to join Aditya Birla Group in three months time, will report to the Group Chairman Kumar Mangalam Birla. "He is joining as the Group head of Strategy and Business Development," Aditya Birla Group ...
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Aditya Birla Group Chairman Kumar Mangalam Birla Appointed Chairman of IIM-A
23Oct By NitishNo Comments
News

Aditya Birla Group Chairman Kumar Mangalam Birla Appointed Chairman of IIM-A

One of India's leading businessman Kumar Mangalam Birla has been appointed the new Chairman of the Indian Institute of Management-Ahmedabad (IIM-A) by HRD Ministry. The HRD committee also shortlisted the names of Deepak Parekh, Chairman of Housing Development Finance Corporation; R. Seshasayee of Infosys and Pawan Munjal, the CMD of Hero Motocorp. The 49-year-old Chairman of the $41 billion industrial conglomerate Aditya Birla Group is the final choice from HRD ministry. The premier B-school in India has been without a regular Chairman since January when A.M. Naik, the CMD of Larsen & Toubro, quit citing "availability issue due to work". Though he has no formal authority, the Chairperson can set the agenda by guiding discussions and influencing the direction of the institute. ...
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CIC Urged RBI To Make Payments Banks as a Members
21Aug By AdityaNo Comments
News

CIC Urged RBI To Make Payments Banks as a Members

Ahead of the commercial launch of payments banks, credit information companies (CICs) have urged RBI to ensure these newbies in the banking space become their members and share data on the transactions. "Payments banks will not be into lending, but the transactions which they undertake will help understand borrowers. Therefore, we have requested the RBI to make them our members," Experian Credit Information Company Managing Director Mohan Jayaraman said. He said RBI has been receptive to the idea and has shown its willingness for the demand, but the changes cannot happen overnight as it will require amendments to the Credit Information Companies (Regulation) Act. Jayaraman further said even though payments banks will not be lending themselves, the data they share will help analyse bor...
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Aditya Birla group announced 25 start-ups name under it's first incubation programme “Bizlabs”
14Dec By PriyankaNo Comments
News

Aditya Birla group announced 25 start-ups name under it's first incubation programme “Bizlabs”

The Aditya Birla Group will collaborate with 25 start-ups to bolster its new areas of business in retail, financial services and telecom. The company’s Bizlabs incubation programme, started in October, has named the firms as “collaboration partners” on its website, but is yet to make a formal announcement. [Source] Most of these new firms provide digital solutions to engage with consumers and enlarge their base. Some of the companies named are Red Monster Games, Torch, Dressy, ePaisa, Mswipe, Touchfone, Instakash, Bankbazzar, Wealth Pack, Cloud Cherry, Faircent and Coverfox Insurance. Bizlabs has not revealed the funding it shall provide to incubate startups, but has received thousands of applications in the past few months, a company official said on the condition of anonymity....
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