Nuvo, Grasim Merger Gets NCLT Nod

Mumbai: The National Company Law Tribunal (NCLT) bench at Ahmedabad, has approved the merger of Aditya Birla Nuvo Limited (ABNL) with Grasim Industries to be followed by the listing of Aditya Birla Financial Services. The approved scheme has been filed with BSE and the NSE. It is expected to become effective during the second quarter of FY18.

The merged company will be among the top five diversified private NBFCs with a loan book (including housing finance) of Rs.38,839 crore and among the top five private sector life insurers and top four asset management companies and third largest telecom operator in India.