Selling Aditya Birla Insurance Brokerage Units : Big news is coming out from Aditya Birla Group. The country’s veteran industrialist Kumar Mangalam Birla is preparing to sell the 19-year-old insurance brokerage business. Kumar Mangalam-led Aditya Birla Group is taking steps towards restructuring its financial services business.
what is the verdict
According to media reports, Aditya Birla Capital Ltd (Aditya Birla Capital Ltd) is preparing to sell its insurance brokerage unit Aditya Birla Insurance Brokers Ltd (Aditya Birla Insurance Brokers Ltd). A report has claimed that Aditya Birla Capital Limited has held talks with potential buyers for this.
business will be restructured
According to sources, the company’s revenue in the financial year ending March 31, 2021 was only Rs 6 billion. Aditya Birla Capital CEO Vishakha Mulye is trying to restructure the company’s business to increase the return of shareholders. The company’s business spans from asset management to mortgage financing.
when did the business start
Aditya Birla Capital entered this business 19 years ago, but it has not been able to achieve any significant milestone. It is one of the largest composite insurance companies in the country. This company has worked for the convenience of both life and non-life policies. The company has offices in 11 places in the country. Where more than 350 employees are working. Aditya Birla Insurance Brokers Limited provides broking and advisory services to various companies and individuals. In addition, it also provides re-insurance solutions to insurance companies.
how was the share price
In the year 2017, Aditya Birla Capital was listed in the stock market, but its share price has never gone above its listing price. The company wants to complete the deal to sell its insurance brokerage unit by 31 March. No final decision has been taken in this regard yet. The same spokesperson of Aditya Birla Group has refused to comment on this.