Financial Services

Aditya Birla Capital Limited (ABCL)

Chemicals

Aditya Birla Chemicals (Thailand) (ABCTL)

Fashion

Aditya Birla Fashion and Retail Limited (ABFRL)

Trading

Aditya Birla Global Trading

Aditya Birla Health Insurance Limited (ABHICL)

Aditya Birla Lifestyle Brands Limited

Dining & Experiences

Aditya Birla New Age Hospitality  (ABNAH)

Venture Capital

Aditya Birla Ventures

Carbon Black

Birla Carbon

Birla Cellulose

Paints

Birla Opus Paints

Cellulosic Fibre

Century Enka

Domsjö Fabriker (Domsjö)

Textiles

Grasim Industries Limited

Metals

Hindalco Industries Limited

Yarn

Indo Thai Synthetics Company Limited

Jewellery

Indriya

Novelis Inc

Thai Acrylic Fibre Co. Ltd (TAF)

Cement

UltraTech Cement Limited

Telecom

Vodafone Idea Limited (Vi)

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33x in 30 years – A Trajectory for Good

Rail, waterways, EVs, low-emission fuels -- through diverse measures, Aditya Birla Group companies are accelerating green logistics in line with the Group’s strong commitment to sustainability.In 2025, 15 large electric trucks started moving on a 160km route between Dahej and Asoj, the two sites of Hindalco’s Copper Business in Gujarat (India). With 55-tonne capacity each, the EV truck initiative led to the first heavy-duty electric freight corridor in the state – and a lowering of Hindalco’s carbon emission footprint. To enable this, <a href="/businesses/companies/hindalco-industries-limited/">Hindalco</a> partnered with Billion Electric Mobility, a company that specialises in e-mobility-as-a-service.Meanwhile, <a href="/businesses/sectors/cement/">UltraTech Cement</a>, the Group’s cement flagship, signed a strategic agreement with Container Corporation of India Limited (Concor) to transport bulk cement in specialised tank containers for rail. UltraTech will transport cement from its integrated units in Karnataka to a Concor terminal at Dronagiri in Maharashtra. This shift to rail-based logistics for bulk materials will reduce road transportation, and hence lower fuel consumption. The move will reduce carbon emissions of the company’s nationwide distribution network, which encompasses a 50,000+ truck fleet, 60+ daily rake movements, 1,350 warehouses, and 300+ railheads.Both Hindalco and UltraTech are exploring new ways to adopt green modes of transportation to reduce greenhouse gas (GHG) emissions in line with the Group’s decarbonisation commitment of Net Zero by 2050. And the partnerships with eBillion and Concor are only the latest steps in the pursuit of sustainable industrial logistics. &nbsp;<h3>Hindalco speeds down the green logistics corridor</h3>In the effort to be Net Zero by 2050, <a href="/businesses/sectors/metals/">Hindalco’s Aluminium and Copper businesses</a> are reducing emissions by boosting energy efficiency and shifting to low-carbon fuels. In addition, the company has targeted a 25% reduction in specific GHG emissions by FY2026-27 (over FY2011-12 as base year). It has developed a detailed charter to capture Scope 3 emissions, encompassing the entire logistics chain of inward and outward movement across rail, road and sea modes. This has enabled the precise calculation of total emissions across its entire logistics operations for targeted reduction strategies.Targeting Scope 3 emissions: As part of its goals for FY2025-26, Hindalco has targeted a 60% conversion of its fleet to green modes of transportation (including electric vehicles (EV), and vehicles running on liquid natural gas (LNG) and compressed natural gas (CNG) as per Bharat Stage VI norms).Apart from the Gujarat green freight corridor for the Copper business, the company launched an inter-plant e-logistics corridor for the Aluminium business in Odisha. In Sambalpur district – home to several Hindalco units -- there are dedicated electric trailers powering long-haul transportation between the Aditya and Hirakud flat-rolled products (FRP) plants.<blockquote>Hindalco’s e-logistics corridor is a first-in-Odisha initiative that sets a benchmark in clean, cost-efficient and future-ready industrial logistics.</blockquote> Partners in green: To ensure a quick transition to clean alternatives even for short-haul journeys, Hindalco has collaborated with multiple OEMS and logistics service providers. For instance, a fleet of 20 EVs transports fly ash from Aditya Aluminium plant in Odisha to the UltraTech Lapanga cement plant nearby. This has reduced emissions of 3,500 tCO2e and brought savings of ₹1.5 crore in freight costs in FY2025.In the Renukoot plant in Uttar Pradesh, Hindalco uses EVs for movement of red mud. Both fly ash and red mud represent circular manufacturing as inputs for the cement industry – a key Hindalco sustainability initiative that converts manufacturing by-products and waste to wealth. Meanwhile, the company is also transitioning from diesel-based material handling equipment (MHE) to electric MHEs. In addition, it plans to introduce EVs in its mining operations.Even where conventional fuels are in use, Hindalco is switching to low-emission LNG. The company partnered with a green freight transportation company in 2025 to integrate LNG-powered trucks into its logistics solutions. LNG trucks have significantly lower emissions than traditional diesel trucks with lower levels of nitrogen oxides, particulate matter and greenhouse gases. In FY25, Hindalco reduced 16 tCO2e of emissions by deploying four LNG vehicles on key routes. &nbsp;<h3>UltraTech cements green logistics into its sustainability strategy</h3>Like Hindalco, UltraTech is decarbonising mobility as part of its sustainability strategy. Apart from low-emission rail networks for bulk movement of cement with Concor, the company has emerged as a key user of inland waterways for sustainable transportation.Leveraging waterways: In an innovative and pioneering pilot project that supported the Indian government’s Maritime India Vision 2030, UltraTech became the first cement company in India to scale up the use of National Waterway1 (Ganga-Bhagirathi-Hooghly River system).<blockquote>UltraTech Cement used National Waterway1 to transport gypsum from Haldia Port in West Bengal to Gaighat Terminal in Patna in FY2025. &nbsp;</blockquote> The pilot was enabled through key partnerships with the Inland Waterways Authority of India (IWAI) and Inland &amp; Coastal Shipping Ltd. The use of inland waterways not only improved transport efficiency and reduced the company’s emissions but also helps decongest road and rail routes. UltraTech is also one of the few cement companies in India to use captive jetties to service coastal demand.Going electric: Apart from using inland waterways, the cement major has also deployed EVs for the movement of goods across its manufacturing units. After a successful pilot with five electric trucks, the company entered a transport service contract in 2024 to deploy 100 electric trucks to transport 75,000 metric tonnes of clinker per month from its Dhar Cement Works plant in Madhya Pradesh to its grinding unit, Dhule Cement Works in Maharashtra. The Dhar-Dhule EV corridor is estimated to reduce the company’s transport emissions by 17,000 MT of CO2 annually.<blockquote>UltraTech became the first Indian cement company to use electric trucks over a long lead distance -- a 400km roundtrip route from Madhya Pradesh to Maharashtra.</blockquote> EVs are also becoming part of UltraTech’s local delivery fleet, particularly for last-mile journeys in order to reduce the carbon footprint of transporting cement and construction materials in urban and semi-urban areas. The company had a green fleet of 623 vehicles by the end of FY2025, which also included lower-emission CNG and LNG trucks.Both UltraTech and Hindalco’s efforts to decarbonise their logistics are gaining momentum as they continue to switch to greener modes of mobility by road, rail and sea.&nbsp;Also Read: <a href="/media/stories/speech-of-mr-kumar-mangalam-birla-at-hindalco-industries-annual-general-meeting/">Speech of Mr. Kumar Mangalam Birla at Hindalco Industries’ Annual General Meeting</a><a href="/media/stories/chairman-mr-kumar-mangalam-birlas-speech-at-twenty-fifth-annual-general-meeting-of-ultratech-cement/">Chairman, Mr. Kumar Mangalam Birla’s Speech at twenty-fifth Annual General Meeting of UltraTech Cement</a>

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Green logistics: Decarbonising heavy-duty transportation

Aditya Birla Group companies have made 2025 a year of remarkable successes. Here’s a quick throwback on the key milestones.<h3>UltraTech Cement</h3>In a year where the company crossed 190 million TPA in capacity – second largest in the world (excluding China) -- UltraTech achieved two other significant milestones:<ul><li>As a first for Indian industry, <a href="/businesses/sectors/cement/">UltraTech</a> powered ahead on sustainability, hitting 1 GW of captive renewable energy capacity.</li><li>In a landmark initiative for the sector, UltraTech set a new benchmark for sustainable packaging by piloting the use of 12 million recycled plastic bags. &nbsp;</li></ul><h3>Birla Cellulose</h3>Keeping sustainability at the core has been a consistent refrain at <a href="/businesses/companies/birla-cellulose/">Birla Cellulose</a>, the world’s second-largest producer of cellulosic fibres. Its nature-based fibres come from renewable wood sourced from sustainably managed forests, and it has advanced trackability processes to affirm sustainable origins. In 2025, the business took a step further.<ul><li>Birla Cellulose launched Liva Reviva M, India's first next-generation circular fibre made from recycled clothing. &nbsp;</li></ul><h3>Hindalco</h3><a href="/businesses/companies/hindalco-industries-limited/">Hindalco</a> launched its Masterbrand identity – Engineering Better Futures – in 2025 to articulate its position as a solution provider in aluminium, copper and specialty alumina products. The company also demonstrated this in action through various initiatives:<ul><li>Taking the Make-in-India credo ahead, Hindalco built India's first boehmite plant to produce advanced materials for next-gen battery separators.</li><li>Hindalco became the first manufacturer in India of can body stock, used to manufacture beverage cans, thus reducing import dependency.&nbsp;</li><li>Finding a circular economy pathway for converting bauxite reside into value, Hindalco enabled construction of India's first red mud roads in partnership with the National Highway Authority of India and Central Road Research Institute. &nbsp;</li></ul><h3>Birla Carbon</h3>A global leader in carbon black, <a href="/businesses/companies/birla-carbon/">Birla Carbon</a> has been driving innovation in materials required for industrial applications. These are a couple of its initiatives:<ul><li>`Birla Carbon established Asia’s first post-treatment facility to fuel growing demand in the region for specialty black (high performance carbon black).</li><li>Birla Carbon became the only global carbon black manufacturer with International Automotive Task Force (IATF) certification across its entire manufacturing footprint, signifying its commitment to meet stringent quality standards in the automotive sector. &nbsp;</li></ul><h3>Birla Opus</h3>Launched in 2024, <a href="/businesses/companies/birla-opus-paints/">Birla Opus</a> has already disrupted the paints sector with its customer-centric portfolio and strategy. A year down the line, the decorative paints brand continue to draw attention:<ul><li>The brand set a new benchmark in India's paint industry with its first-ever paint promise, offering repainting assurance within one year.</li><li>Birla Opus launched One Aero, India's first-ever aerosol range with 15-minute fast-dry technology and a one-year warranty. &nbsp;</li></ul><h3>Aditya Birla Capital</h3>For some years, digitalisation has been at the heart of <a href="/businesses/companies/aditya-birla-capital-limited-abcl/">Aditya Birla Capital</a>’s growth trajectory by increasing the NBFC’s reach and scale. 2025 has been no exception:<ul><li>The business revolutionised customer support by developing an AI-powered platform built on AzureCosmosDB and Azure OpenAI Service, designed to manage and resolve high volumes of queries with unprecedented speed and efficiency. &nbsp;</li></ul><h3>Novelis</h3>As a world leader in aluminium recycling – <a href="/businesses/companies/novelis-inc/">Novelis</a> recycles over 84 billion cans every year – this US-based aluminium major has been pushing the envelope in sustainable manufacturing. While using recycled metal leads to substantial energy savings and reduction in carbon emissions, Novelis continues to explore new ways of making aluminium more sustainable.<ul><li>Novelis completed UK's first industrial-scale hydrogen fuel trial for aluminum recycling, expected to cut emissions by 45,000 tonnes. &nbsp;</li></ul><h3>Indriya</h3><a href="/businesses/companies/indriya/">Indriya</a>, the new age retail jewellery brand from Aditya Birla Group, broke new ground to become the first jewellery brand to use iconic Bandra Worli Sea Link for marketing. &nbsp;<h3>Aditya Birla Group</h3>In a bid to enhance engagement and connect with audiences, Aditya Birla Group launched SERA, a conversational generative AI assistant that provides instant and verified information on the Group and its diverse businesses on the Group website.

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Big Firsts – Raising the bar again

Business

<img class="image_resized image-style-align-left" style="width:35%;" src="https://www.cms.adityabirla.com/uploads/excavator_loading_dumper_truck_on_mining_site_41447c944b.webp" alt="excavator-loading-dumper-truck-on-mining-site.webp">As India and the United States announced a landmark trade agreement, Mr Kumar Mangalam Birla, Chairman, Aditya Birla Group, in his official statement said, “I applaud Prime Minister Modi and President Trump for today’s trade announcement. The reduced tariffs will help strengthen the strategic and economic ties between our two great countries and provide additional opportunity for investment and collaboration. Aditya Birla Group is the largest Indian investor in the U.S., and we see this agreement help shape more resilient supply chains, unlock manufacturing opportunities and drive long-term economic competitiveness in both the U.S. and India. We are committed to expanding our presence and investments in the U.S., where we see substantial opportunities for innovation, growth and enduring partnerships.”Yes, Aditya Birla Group is in the unique position of being the largest Indian greenfield investor in the world’s biggest economy. The Group was the first India-born company to go transnational. In 1969, Mr Aditya Vikram Birla set up Indo Thai Synthetics in Thailand, marking a proud post-independence moment where an Indian company expanded its footprint on the world stage. Since then, the Group has spread to 41 countries, with multiple acquisitions across metals, pulp and fibre, carbon black, cement and more.Among these, the US is a key market for the Group. The latest entrant to the Group’s portfolio was AluChem Companies, Inc, a leading US producer of Specialty Alumina. Acquired by <a href="/businesses/companies/hindalco-industries-limited/">Hindalco Industries</a> in June 2025, this milestone marks the entry of an Indian conglomerate into the ultra-low soda and tabular alumina segments—high-performance materials that are crucial to advanced industrial applications.The AluChem acquisition, which added three US facilities to the Group manufacturing footprint, further strengthened the Group’s substantial investments in the US.&nbsp;&nbsp; &nbsp;<h3>Expanding horizons in a strategic market</h3>As an economic powerhouse, the US serves as a strategic growth hub for Aditya Birla Group. “Our commitment to global expansion is driven by our pursuit of excellence and the desire to create a meaningful impact in every region we operate,” noted Mr Kumar Mangalam Birla during his media interaction up on being conferred the <a href="/media/stories/mr-kumar-mangalam-birlas-acceptance-speech-at-usispf-global-leadership-award/">Global Leadership Award</a> at the 2025 USISPF Leadership Summit in Washington, DC, in recognition of his contribution to strengthening US-India business ties. <a href="/media/stories/mr-kumar-mangalam-birlas-acceptance-speech-at-usispf-global-leadership-award/">“At Aditya Birla Group, we believe that the United States is an incredibly attractive location for long-term investment, and we are very proud to be the largest Indian investor in the US.”</a> &nbsp;&nbsp; &nbsp;<h3>At home in the US</h3>The Group’s first entry on US soil dates back to 2007, when Hindalco acquired Novelis, a loss-making aluminium rolling company. Today, Novelis alone has grown into an $17 billion enterprise making its mark as a world leader in aluminium recycling and circular manufacturing.In 2020, Hindalco-Novelis acquired Aleris Corporation, which catapulted its holding company, Hindalco, to one of the world’s largest aluminium companies, and added premium downstream metal capabilities, especially in high end aerospace aluminium.The $2.5 billion Bay Minette project by <a href="/businesses/companies/novelis-inc/">Novelis</a> is the first fully integrated, low-carbon recycling and rolling aluminium plant built in the United States in nearly 40 years. The highly advanced facility will have an initial 600 kilotonnes of finished aluminium goods capacity per year. More than half of the capacity of the new facility will be used to serve growing demand for aluminium beverage can sheet in North America, which is driven by consumer preference for more sustainable packaging. &nbsp;To know more about our Bay Minette project: <a target="_blank" rel="noopener noreferrer" href="https://novelis.com/bayminette/">https://novelis.com/bayminette/</a> &nbsp;<h3>June chemistry</h3>The month of June 2025 marked another significant US acquisition. Aditya Birla Chemicals (USA) Inc acquired <a href="/media/press-releases/aditya-birla-advanced-materials-acquires-cargills-specialty-manufacturing-facility-in-us/">Cargill</a>’s 17-acre specialty chemicals plant in Dalton, Georgia. The unit delivers tailored, high-quality solutions under its renowned Epotec® epoxy resins and CTP brands, “This acquisition represents Aditya Birla Group’s strategic entry into the US chemicals industry, extending the business model of our other successful manufacturing businesses in the United States, including Novelis and Birla Carbon,” said Mr Birla in a statement issued to the press.&nbsp; &nbsp;<h3>Carbon Black magic</h3>A big boost to the Group’s US presence came through Birla Carbon’s acquisition of Columbian Chemicals in 2011. Today, with two manufacturing units and a technology centre in the country, Birla Carbon is a global leader in carbon-based solutions and a front-runner in sustainable innovation.A recent partnership with Circtec brings cutting-edge recycling to the forefront, commercialising Continua™, <a href="/businesses/companies/birla-carbon/">Birla Carbon</a>’s pioneering sustainable carbonaceous material derived by recycling end-of-life tyres.&nbsp; &nbsp;<h3>Trading around the world</h3>The US is also a strong centre for Aditya Birla Global Trading (formerly Swiss Singapore Overseas Enterprises Pte Ltd), one of the most diversified commodities traders in the world. Present in 24 countries, the company handles 30+ different commodities across agri products, agri-inputs, energy and metals. &nbsp;&nbsp; &nbsp;<h3>A deep commitment to sustainability</h3>What’s noteworthy is that across all its US operations, Aditya Birla Group has embedded sustainability at the core of its strategy:<ul><li>Novelis recycles over 84 billion aluminium cans annually, dramatically reducing energy consumption and emissions. In nearly four decades, the Bay Minette project is the first integrated, low-carbon aluminium recycling and rolling plant built in the US.</li><li>Birla Carbon has pledged net-zero carbon emissions by 2050 and is driving innovations in sustainable material use.</li><li>Aditya Birla Chemicals is progressing toward water neutrality and reducing its overall environmental footprint.&nbsp; &nbsp;</li></ul>Not only does Aditya Birla Group stand tall as India’s largest investor in the US, its robust presence across critical sectors such as metals, carbon black and chemicals reflects not just a business expansion, but a deep commitment to innovation, sustainability, and local economic growth.

Aditya Birla Group is in the unique position of being the largest Indian greenfield investor in the world’s biggest economy.

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Why is Aditya Birla Group the largest greenfield Indian investor in the US?

There is always a predictable rhythm to the last week of January. The New Year’s resolutions have begun to fray, and the familiar patterns of life and work quietly reassert themselves. And yet, there remains a residual restlessness for the new, an unresolved tension between what has endured and what might still change. This is the moment when habit and hope briefly negotiate with each other.One habit I have tried to keep is the annual reflections note. Now in its seventh edition, it has become a personal marker of time—a disciplined pause to take stock of the world, my work, and my own evolving convictions. Over the years, it has captured my thinking on the forces shaping business, capital, technology, and society, often before they fully surfaced in the mainstream. In January 2021, I was convinced that work-from-home was a cyclical response, not a permanent rewiring. In January 2025, even ahead of the formal inauguration, it was clear to me that the Trump factor would emerge as the single most disruptive variable in the global system.I have not always been prescient. But in its own way, this note serves as the balance sheet of my mind at the turn of each year.Last year, I described the world as a U3 world—Uncertain, Unpredictable, and Unorthodox. That description still holds, and every passing week imbues it with deeper meaning. The contracts between nation states are being recrafted, as earlier diplomatic finesse is replaced with stark realpolitik. In this context, we are witnessing the emergence of a deals-based global order, which forms my first reflection this year. Geopolitical outcomes are increasingly shaped by negotiated arrangements rather than established rules. We now operate in a geopolitical marketplace, where energy partners differ from technology allies, and yesterday’s friends may not share tomorrow’s agenda.Against this backdrop of shifting orders and narrowing optionality, one reality stands out for its consistency. In an otherwise unsettled world, India’s growth has emerged as one of the few durable constants.This is growth driven by the steady compounding of demographics, formalization, infrastructure, and ambition. In a deals-based world, scale, credibility, and continuity matter, and India increasingly offers all three.As India grows, the Aditya Birla Group grows with it, not as a passive beneficiary, but as an active enabler. Across industries, we participate in building the physical, digital, and institutional capacity that growth demands. In doing so, we rise alongside the country, benefiting from its momentum while contributing to its durability. This has always been the compact at the heart of the Group: to grow in step with the nation we serve.Let me illustrate this with just two data points. Over the last decade, India’s national highway network has expanded by nearly 60 percent. Daily construction has accelerated threefold, reaching about 30 kilometres a day. Infrastructure of this scale moves on materials, execution, and reliability. As this demand expanded, our cement flagship, UltraTech, scaled in step with it. From a capacity of 60 million tonnes per annum, a decade ago, it has grown to over 190 million tonnes today, making UltraTech the largest cement company by sales volume in the world, outside China. In many ways, this growth is a response to a nation building at speed.Consider another example, financial services. Formal credit to MSMEs has tripled in the last decade and reshaped the economy through its impact on first generation entrepreneurs and strengthening the foundations of inclusive growth. In parallel, our NBFC loan book has grown from about 17,000 Cr to nearly Rs. 1.5 lakh crore in just a decade.The strongest pillar of India’s growth story has been the steady expansion of consumption, household spending, and the creation of a more distributed base for economic activity. Against the backdrop of geographic dispersion and “new to category” consumers, brands with consumer recognition and trust have disproportionate cache. As a group, we were historically more focused on B2B spaces. However, India’s growth path presented compelling opportunities. In recent years, the group has proven itself as a platform capable of propelling multiple big, deliberate bets in very different spaces. In just the last two years, we have launched and scaled <a href="/businesses/companies/birla-opus-paints/">Birla Opus</a> in paints, <a href="/businesses/companies/indriya/">Indriya</a> in jewellery retail, and Birla Pivot in B2B e-commerce. Both Birla Opus and Indriya entered mature industries with entrenched leaders, brands, and established business models. The past year has decisively validated both the ambition behind these moves and the quality of their execution.These builds demonstrate that the Group today has the maturity and institutional depth to serve as a durable launchpad for multiple new growth engines. It has been particularly striking to see how trust in the Aditya Birla brand has translated into consumer affinity across these businesses. This has reaffirmed a conviction I hold strongly: our brand is our hidden superpower.Our brand gives us credibility and access. Translating that into business value is the quality of the relationships behind it, and the consistency with which we honour our commitments. And that brings me to my next reflection—Relationship capital is the moat you can’t see. The Relationship Capital that we have with our business partners stems from trust and a belief in our sound business practices. This underpins the bonds that our business partners have with us.Consider UltraTech. Over 5,000 of our dealers have been with us for more than two decades. These are not transactional or ephemeral relationships. They are multi-generational ones. In many cases, we are seeing the next generation actively become the torchbearers of our new businesses, deepening their relationship with the group.Longitudinal relationships have been a hallmark of our other businesses as well. In <a href="/businesses/companies/birla-cellulose/">Birla Cellulose</a>, our fibre business, half of our customers have partnered with us for more than 25 years They account for over 60% of our sales. Among these long-standing relationships, a third are now led by the second generation, and in many cases, even the third generation has joined their business.Relationship capital is part of the rocket fuel powering new ventures but also provides a steadying anchor in the context of shocks and volatility.One sector that has had its fair share of shocks and volatility for over two decades is Telecom. Our joint venture, Vodafone Idea, has stood in the eye of this storm, navigating one of the most protracted periods of uncertainty in the industry’s history.The recent resolution of the AGR issue marks a decisive turning point. With long-standing uncertainty removed through the clarity of the Honourable Supreme Court’s judgment and the government’s decisive intervention, the operating environment has fundamentally changed. For the first time in years, the fog has cleared, allowing the business to look beyond survival, and focus on sustainable growth.The Vodafone Idea experience underlines my belief that Tough Times Don’t Last. Tough Companies Do. The company was carried through its most challenging years by the commitment of employees, loyalty of customers and the belief of business partners and shareholders. &nbsp;Equally vital was the government’s unflinching determination to revitalise the telecom sector, coupled with the firm conviction of the promoters on the long-term potential of the Indian telecom sector. A dogged focus on daily operations, service and network expansion, will now serve as the foundation for revival.A healthy, competitive telecom industry is essential to India’s digital future. India deserves 3 private telecom players. India deserves a successful Vodafone Idea. And this is, once again, an idea whose time has come.This reflection leads naturally to my final one. In environments like these, strategy cannot be static. It must remain responsive to context, grounded in reality, and willing to evolve as conditions change. Strategy does not define the business; the business context defines strategy.In 2018, <a href="/businesses/companies/hindalco-industries-limited/">Hindalco</a> had just completed a major upstream expansion. At the same time, Chinese overcapacity began to weigh heavily on global aluminium prices, while input costs, particularly coal, rose sharply. For the next phase of growth, another upstream push made little economic sense. We had to look elsewhere in the value chain.Downstream capacity in India was still nascent, and our own experience in it was limited. Yet, that is where we chose to place our bets, counterintuitively. Over the following five years, we invested steadily in downstream capacities and capabilities. Downstream products require close collaboration with customers, multiple iterations, and a very different operating mindset, far removed from selling metal by the tonne. Today, we are the only downstream metals producer in the country with this depth and breadth of capability.But, strategy must remain alive to changing realities. In Hindalco’s case, two of the earlier constraints began to shift. China capped primary aluminium production, helping stabilise global prices. At the same time, with availability of critical raw materials, we managed to fundamentally improve our cost structure. The context changed, and with it, the strategic opportunity set.We are now moving decisively once again to invest in upstream capacity. Over the next five years, we plan to deploy approximately $6 billion across aluminium and copper upstream in India, reinforcing our position as a leading global metals company.Management theory often frames strategy as a series of hard choices and trade-offs—that one cannot have it all, and that consistency of choices is paramount. Much of this is true. But consistency should not be confused with rigidity. Making choices cannot mean ignoring obvious opportunities. And committing capital with conviction should not preclude retaining the capacity to place bets when conditions change. I have found that staying close to the data is the best antidote to strategic dogma. What assumptions are being shaped by current market conditions? What boundary conditions truly constrain our choices? And what external signals suggest it may be time to refresh our thinking?In the end, strategy does not sit above the business. It emerges from it.At a certain point, business building becomes less about getting the answers right and more about asking the right questions and having the temperament to act before certainty arrives. These reflections are shaped by what it has actually taken to build and steward businesses through very different cycles. With scale comes complexity, that no framework fully captures. Decisions stop fitting neatly into models, and outcomes are shaped as much by timing, judgment, and human behaviour as by analysis.2025, incidentally, marked 30 years of business building for me, as the Chairman of the Aditya Birla Group. I started this note by remarking on how we live in a U3 world. Increasingly, business builders are denied the comfort of certainty. We cannot predict the results of our bets with any kind of precision. The external environment can be almost guaranteed to move with perverse fluidity. The locus of control for business needs to increasingly move inwards. Internal organizational suppleness and clarity of purpose enables one to survive storms. Accumulated goodwill over time, through brand and relationship capital, translates new openings into real value. And the patient building of reserves of capital and strength liberate us from strategic dogmas. And in 2026, this is true for us as nations, businesses, and individuals.-&nbsp;&nbsp;&nbsp;&nbsp;Kumar Mangalam Birla

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My Reflections 2025 – 26

Chairman's message

Aditya Birla Lifestyle Brands Limited (ABFRL) emerged after the consolidation of the apparel businesses of Aditya Birla Group, comprising ABNL's Madura Fashion division and ABNL's subsidiary Madura Lifestyle into Pantaloons Fashion and Retail (PFRL) in 2015.Post-consolidation, PFRL was renamed to Aditya Birla Fashion and Retail Ltd (ABFRL). In 2025, ABFRL underwent a vertical demerger of western wear brands within the Madura Fashion and Lifestyle’s business into a newly incorporated entity named <a href="/businesses/companies/aditya-birla-lifestyle-brands-limited/">Aditya Birla Lifestyle Brands Limited (ABLBL)</a>.ABFRL now includes constituents that operate in several high-growth segments. These are<ol><li>Masstige and value retail chains: Pantaloons and Style Up</li><li>Ethnic wear portfolio: Designer-led brands of Sabyasachi, Shantnu &amp; Nikhil, Tarun Tahiliani, and House of Masaba; and premium wear ethnic brands of TASVA, Jaypore and the recently amalgamated TCNS brands such as W, Aurelia, Wishful, Elleven, and Folksong</li><li>Luxury retail business: The Collective, select mono brands and Galeries Lafayette</li><li>Digital-first portfolio: Technology-led ‘House of D2C Brands’ under its venture, TMRW &nbsp;</li></ol>As of 31 March 2025, ABFRL boasts a vast retail footprint, covering over 7.2 million sq. ft. across India, with a robust network of 1,187 brand stores.

Gone are the days when consumers would follow fashion trends set by brands. Today consumers are dictating them, and discerning fashion brands are following suit. With the launch of differentiated brands catering to evolving customer needs, Aditya Birla Group’s fashion and lifestyle businesses are offering up a slew of well-planned choices. &nbsp;<h3>The bold ‘OWND!’ move</h3>India’s Gen Z are fashion-conscious, value-driven and empowered. Inspired by their dynamic and vibrant lifestyle, <a href="/businesses/companies/aditya-birla-fashion-and-retail-limited-abfrl/">Aditya Birla Fashion &amp; Retail Ltd. (ABFRL)</a> has given its value fashion brand <a href="/businesses/brands/style-up/">Style Up</a> a bold new makeover. Re-launched as ‘OWND!’, the brand comes with a shiny new avatar, cool store designs and the hottest products for young India.<h4>With OWND!, ABFRL aims to accelerate its play in this value fashion category and expand its footprint to 100 stores by the end of this financial year, and to 400 outlets over the next 3-5 years.</h4>In a press release at the time of launch, Sangeeta Tanwani, CEO, <a href="/businesses/brands/pantaloons/">Pantaloons</a> and OWND!, said that the momentum ¬¬with which the young consumer is reshaping the fashion landscape and its influential role in defining cultural trends is undeniable. “Our strategy is a bold move, designed to forge a deep connection and a true sense of brand love. This new chapter, anchored in a vibrant brand name, a distinct identity, and a robust business model, will be a strong catalyst for our next wave of exponential growth,” she said. &nbsp;<h3>A wish for the occasion</h3>The modern Indian woman wants it all – tradition as well as chic, confidence as well as elegance, luxury as well as accessibility. With ‘Wishful’, she can have it all. ABFRL’s latest foray into the premium occasion wear segment, Wishful caters to women who are poised, socially active, and effortlessly stylish.<h4>The debut collection that is currently showcased at W stores, offers women the choice of a versatile wardrobe for the on-going festive and wedding season.</h4>“Our vision is to empower women to celebrate life’s occasions with confidence and grace, in ensembles that reflect thoughtful luxury and uncompromised quality,” said Anant Daga, CEO, TCNS Division, ABFRL, at the launch of Wishful. “…we are setting a new benchmark in premium occasion wear. This is not just the launch of another brand – it’s about strengthening our leadership in women’s occasion-wear and shaping the future of Indian fashion.” &nbsp;<h3>Millennials mean business</h3>With millennials coming of age to enter the workspace, <a href="/businesses/companies/aditya-birla-lifestyle-brands-limited/">Aditya Birla Lifestyle Brands Limited (ABLBL)</a> is ready for them with a repertoire of smart and stylish offerings. The lifestyle player includes brands like:<ul><li>Allen Solly: Unconventional workwear and smart casuals for young men and women</li><li>Van Heusen: The premium lifestyle brand has expanded its offerings to casuals and activewear for young professionals</li><li>American Eagle Outfitters: Favoured across the globe for its youth-centric jeans and other apparel</li><li>Peter England: Shirts, denims and active wear for fashionable young men &nbsp;</li></ul><h4>Aditya Birla Digital Ventures launched TMRW, a D2C House of Brands under ABFRL, that includes Bewakoof, Urbano, Veirdo, Wrogn, JuneBerry, NautiNati, Nobero and TIGC with casual, streetwear and expressive styles for the digital-first generation.</h4>From youth culture to what women want, from millennial professionals to digital-first brands – the latest launches by its fashion and lifestyle businesses demonstrate that Aditya Birla Group has its finger firmly on the pulse of current trends and will continue to build brands that resonate strongly with consumers.

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In Tune with Trendy – Catering to Gen Z style

Innovation

Aditya Birla Lifestyle Brands Limited (ABLBL) emerged after the vertical de-merger of western wear brands within the Madura Fashion and Lifestyle’s business from Aditya Birla Fashion and Retail Limited (ABFRL) into a newly incorporated entity.ABLBL encompasses the lifestyle brands of Louis Philippe, Van Heusen, Allen Solly, Peter England and Simon Carter. Additionally, it has youth-fashion western wear brands of American Eagle, innerwear business under Van Heusen and the sportswear business of Reebok.Over the years, this portfolio has carved out a leadership position in the market, consistently delivering business outcomes across revenue growth, profitability, cash flow and return on capital employed.As of 31 March 2025, with a retail space spanning over 4.7 million square feet across India, ABLBL has a strong network of 3,305 brand stores and presence across 37,000+ multi-brand outlets and 7000+ shop in shop across departmental stores.

The newest member of Aditya Birla Group’s fashion vertical is <a href="/businesses/companies/aditya-birla-lifestyle-brands-limited/">Aditya Birla Lifestyle Brands Limited (ABLBL)</a>, formed in 2025 with a demerger from <a href="/businesses/companies/aditya-birla-fashion-and-retail-limited-abfrl/">Aditya Birla Fashion &amp; Retail Limited (ABFRL)</a>. Behind its shiny new avatar lies a rich legacy of fashion and lifestyle tracing back almost four decades, and a portfolio of many of India’s most iconic brands.It all started in 1988, when UK manufacturer and Europe’s largest clothing supplier, Coats Viyella Plc., set up an offshoot in India called Madura Garments. The avant-garde company was not only the first player to operate on a national scale, dedicated to the core business of fashion retail in India, but it was also the forerunner in introducing premier international brands, enabling Indian consumers to buy the most prestigious global fashion wear and accessories within the country.Four of the most iconic branded apparel labels in India - <a href="/businesses/brands/louis-philippe/">Louis Philippe</a>, <a href="/businesses/brands/van-heusen/">Van Heusen</a>, <a href="/businesses/brands/allen-solly/">Allen Solly</a> and <a href="/businesses/brands/peter-england/">Peter England</a> – come from the Madura Garments line.History took a different turn for Coats Viyella when the Madura Garments business was acquired by Aditya Birla Group in 1999. It soon grew into the predominant favourite in ready-made menswear in India. Madura Garments went on to spearhead the branded apparel retail revolution in India and became a premium lifestyle player in the retail sector. Subsequently, when the Group consolidated its branded apparel business with Pantaloons, India’s largest branded apparel entity – Aditya Birla Fashion &amp; Retail Limited (ABFRL) – was born.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<h3>Journey of a Lifestyle Leader</h3><ul><li>1988&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madura Garments is established</li><li>1989-97&nbsp; Launches Louis Philippe, Van Heusen, Allen Solly and Peter England in India</li><li>1999&nbsp; Aditya Birla Group acquires Madura Garments</li><li>2010&nbsp; Madura Garments re-christened as Madura Fashion &amp; Lifestyle</li><li>2015&nbsp; Consolidation of the branded apparel business of Madura F&amp;L and Pantaloons to establish Aditya Birla Fashion &amp; Retail Limited (ABFRL)</li><li>2016&nbsp; ABFRL signs deal with British designer-wear brand Simon Carter</li><li>2022&nbsp; ABFRL acquires exclusive rights to sell and distribute Reebok products in India and ASEAN countries</li><li>2025&nbsp; ABFRL demerges Madura business into Aditya Birla Lifestyle Brands Limited (ABLBL)</li></ul><h3> Evolution into market dominance</h3>Since the strategic demerger from ABFRL, ABLBL is poised to operate in its carved-out market with greater agility, sharper strategic focus and more disciplined capital allocation. Its repertoire of leading brands established over decades have achieved consistent growth, driven by an unwavering focus on consumer-centric product innovation that keeps them ahead of market trends.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<h3>ABLBL’s Portfolio of Brands</h3><h4>Lifestyle brands</h4><ul style="display:flex;flex-wrap:wrap;gap:10px;list-style:none;margin-bottom:0;margin-right:0;margin-top:0;padding:0;"><li style="flex:1 1 auto;max-width:150px;"><figure class="image image_resized" style="width:100%;"><img class="image_resized" style="display:block;height:auto;" src="https://www.cms.adityabirla.com/uploads/louis_philippe_640x360_0d0a038aa2.webp" alt="louis-philippe-640x360.webp"></figure></li><li style="flex:1 1 auto;max-width:150px;"><figure class="image image_resized" style="width:100%;"><img class="image_resized" style="display:block;height:auto;" src="https://www.cms.adityabirla.com/uploads/van_hue_logo_1077a73a83.webp" alt="van-hue-logo.webp"></figure></li><li style="flex:1 1 auto;max-width:150px;"><figure class="image image_resized" style="width:100%;"><img class="image_resized" style="display:block;height:auto;" src="https://www.cms.adityabirla.com/uploads/peter_england_640x360_8098f3ae45.webp" alt="peter-england-640x360.webp"></figure></li><li style="flex:1 1 auto;max-width:150px;"><figure class="image image_resized" style="width:100%;"><img class="image_resized" style="display:block;height:auto;" src="https://www.cms.adityabirla.com/uploads/allen_solly_640x360_d3b1c80f43.webp" alt="allen-solly-640x360.webp"></figure></li><li style="flex:1 1 auto;max-width:150px;"><figure class="image image_resized" style="width:100%;"><img class="image_resized" style="display:block;height:auto;" src="https://www.cms.adityabirla.com/uploads/simon_carter_640x360_8ad32e2f47.webp" alt="simon-carter-640x360.webp"></figure></li><li style="flex:1 1 auto;max-width:150px;">&nbsp;</li></ul><h4>Sportswear&nbsp;</h4><ul style="display:flex;flex-wrap:wrap;gap:10px;list-style:none;margin-bottom:0;margin-right:0;margin-top:0;padding:0;"><li style="flex:1 1 auto;max-width:150px;"><figure class="image image_resized" style="width:100%;"><img class="image_resized" style="display:block;height:auto;" src="https://www.cms.adityabirla.com/uploads/reebok_640x360_fcfd05dd95.webp" alt="reebok-640x360.webp"></figure></li><li>&nbsp;</li></ul><h4>Innerwear&nbsp;</h4><ul style="display:flex;flex-wrap:wrap;gap:10px;list-style:none;margin-bottom:0;margin-right:0;margin-top:0;padding:0;"><li style="flex:1 1 auto;max-width:150px;"><figure class="image image_resized" style="width:100%;"><img class="image_resized" style="display:block;height:auto;" src="https://www.cms.adityabirla.com/uploads/van_huesen_innerwear_640x360_70353475da.webp" alt="van-huesen-innerwear-640x360.webp"></figure></li><li>&nbsp;</li></ul><h4>Youth Western wear&nbsp;</h4><ul style="display:flex;flex-wrap:wrap;gap:10px;list-style:none;margin-bottom:0;margin-right:0;margin-top:0;padding:0;"><li style="flex:1 1 auto;max-width:150px;"><figure class="image image_resized" style="width:100%;"><img class="image_resized" style="display:block;height:auto;" src="https://www.cms.adityabirla.com/uploads/american_eagle_640x360_b21d5a72ca.webp" alt="american-eagle-640x360.webp"></figure></li><li>&nbsp;</li></ul>Expansion into new categories and geographies unlocked continuous growth opportunities for the lifestyle player, for instance, its foray into the innerwear and athleisure market through the Van Heusen brand met with swift success; while strategic partnerships with leading brands like Simon Carter, American Eagle and Reebok strengthened its portfolio even further. Today ABLBL offers the largest portfolio of western wear in India.<h3>ABLBL shines bright</h3>Revenue INR 7,830 CrEBITDA INR 1,270 Cr20,000+ Employees14,000+ Women Employees3,253 Stores*FY25“India stands at the cusp of a transformational growth phase, with consumption poised to be a primary driver. ABLBL’s foundation is built on enduring strengths that set it apart in a competitive market. Our ambition is clear. To build India’s first portfolio of billion-dollar brands in fashion and lifestyle.” – <a href="/our-story/leadership/mr-kumar-mangalam-birla/">Mr. Kumar Mangalam Birla</a>, Chairman, Aditya Birla GroupWith a diverse portfolio of iconic brands and easier access to capital, ABLBL is on course to pursue an aggressive growth trajectory, expecting to double in scale with improved profitability in the next five years and reinforce its position as one of the largest branded fashion players in the country.