‏إظهار الرسائل ذات التسميات Aditya Birla Group. إظهار كافة الرسائل
‏إظهار الرسائل ذات التسميات Aditya Birla Group. إظهار كافة الرسائل

Aditya Birla Group's Ultratech to Acquire 32.72% Stake in India Cement for Rs 3,954 Cr ; Open Offer to Buy Another 26%

Aditya Birla Group's Ultratech to Acquire 32.72% Stake in India Cement for Rs 3,954 Cr ; Open Offer to Buy Another 26%

UltraTech Cement, a flagship company of the Aditya Birla Group, is set to acquire a 32.72% stake in India Cements from its promoters and their associates. The acquisition price is ₹3,954 crore (approximately $472 million).

This move aims to expand UltraTech's footprint in the highly competitive and fast-growing Southern cement market, particularly in Tamil Nadu.

The board of the Aditya Birla firm approved the acquisition of 32.72 per cent stake from promoters and their associates at Rs 390 per share, according to a regulatory filing from UltraTech on Sunday.

Besides, Ultratech has also announced a Rs 3,142.35 crore open offer to acquire another 26 per cent share of India Cements Ltd (ICL) from its shareholders.

This announcement comes within few weeks after it was reported that Adani Group, the second largest cement maker, is actively looking to buy cement businesses of debt-laden Jaypee Group for about ₹5,000 crore.

In mid of last month, the Gautam Adani's promoted group announced the acquisition of Hyderabad-based Penna Cement for Rs 10,422 crore this month, which will add 14 MTPA, taking its capacity to 93 MTPA. The acquisition was aimed at expanding Ambuja Cements' market presence, especially in South India.

With an installed capacity of 154.86 million tonnes per annum (MTPA) of grey cement, UltraTech Cement leads the Indian cement industry. It has ambitious plans to become one of the largest cement companies globally, targeting 200 MTPA. Adani Group, another major player, has also been actively expanding in the cement sector through acquisitions and organic growth.

The acquisition of India Cements will significantly enhance UltraTech Cement's market share in Southern India. As a result, UltraTech's presence in Tamil Nadu, Andhra Pradesh, and Telangana will strengthen. This move aligns with UltraTech's goal of becoming one of the largest cement companies globally, targeting an installed capacity of 200 million tonnes per annum (MTPA) of grey cement.

However, it is to be noted that regulatory approvals are necessary for the UltraTech Cement-India Cements deal. The Competition Commission of India (CCI) will review the acquisition to ensure it doesn't violate antitrust laws. Additionally, the Securities and Exchange Board of India (SEBI) will scrutinize the open offer process, as UltraTech aims to acquire more than 25% of India Cements' shares.

The expected timeline for completing the UltraTech Cement-India Cements acquisition can vary based on regulatory approvals, due diligence, and other factors. Generally, such transactions take several months. UltraTech will work diligently to finalize the deal, but specific dates haven't been publicly disclosed yet.

Aditya Birla Group Enters Jewellery Retail Business, Launches 'Indriya' Jewellery Brand

Aditya Birla Group Enters Jewellery Retail Business, Launches 'Indriya' Jewellery Brand

Earmarks investment of Rs.5000 Cr for building new-age jewellery business

Group’s jewellery brand, Indriya, aims to be among top three national players.

Aditya Birla Group Chairman, Mr. Kumar Mangalam Birla, today announced the launch of the Group’s jewellery retail business, marking the Group’s foray into the rapidly expanding Rs.6.7 lakh crore Indian jewellery market. This strategic move marks another significant milestone as the Group strengthens its consumer portfolio, leveraging its strong brand equity and deep market insights. The jewellery business, launched under the brand Indriya, aims to secure a position among India's top three jewellery retailers over the next 5 years. This ambitious venture is backed by an unprecedented investment of Rs 5,000 Cr, underscoring the Aditya Birla Group's commitment to revolutionising the jewellery retail landscape in India.

Commenting on the launch, Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “The Indian consumer is rapidly coming of age and India is perhaps the most promising consumer cohort globally. This year, we have redoubled our bet on the dynamism of the Indian consumer, by launching two major new consumer brands – in paints and jewellery. Entering the jewellery business is compelling due to the ongoing value migration from informal to formal sectors, the rising consumer preference for strong, trusted brands, and the ever-booming wedding market, all of which present substantial growth opportunities. He added, “ This foray is a natural extension for the Group which has been in the fashion retail and lifestyle industry for over 20 years. The robust competencies that we have honed in retail, design and brand management will serve as pillars for our success.”

Indriya will simultaneously open four stores in three cities - Delhi, Indore, and Jaipur. The plan is to expand to 10+ cities within six months. The large 7000 sq ft plus stores— 30%-35% larger than the average size of national brands’— will carry an extensive range that spans occasions. The brand will offer a large initial assortment of 15000 curated jewellery pieces with over 5,000 exclusive designs. New collections will be introduced every 45 days - the fastest mind to market cycle in the Indian fine jewellery market.

Mr. Dilip Gaur, Director, Novel Jewels said, “Through Indriya, we are poised to redefine standards in creativity, scale, technology, and customer experience in the jewellery sector. It is built on the understanding that each piece of jewellery tells a unique story of craftsmanship. The distinctive product, exceptional customer experience and immersive buying journey are ultimately enablers to unlocking self-expression via jewellery. Our product fuses timeless craft, but reimagines contemporary designs. Our regional selection celebrates unique backgrounds but opens them up for discovery across other cultures

Mr. Sandeep Kohli, CEO of Novel Jewels, said, "Jewellery as a category is transitioning from mere investment to a statement. Our proposition is built on perceptible differentiation, distinctive designs, personalized service, and authentic regional nuances. At the heart of Indriya's offering is the innovative Signature Experience with exclusive lounges. Customisation services with in-store stylists and expert jewellery consultants promises to elevate all the five senses and create an unparalleled shopping journey. Our best-in-class digital front end will create a seamless experience across digital and physical touchpoints and herald the new age in jewellery retail.”

The brand name 'Indriya' has its origins in Sanskrit, deeply rooted in India's rich cultural heritage. Indriya is an ode to the five senses. The name reflects the brand's philosophy of creating jewellery that awakens and delights all five senses, defining one's being and consciousness. Indriya's brand insignia, a Female Gazelle, serves as a powerful metaphor for the senses and epitomises the beauty and grace of a woman. This symbol represents the brand's commitment to creating jewellery that not only adorns but also empowers and celebrates the wearer.

Suzlon to Supply 175 Wind Turbines of 3.15 Mw Each to Aditya Birla Group

Suzlon to Supply 175 Wind Turbines of 3.15 Mw Each to Aditya Birla Group
  • Suzlon secures a new 551.25 MW order for the 3 MW series from Global Indian Conglomerate, Aditya Birla Group
  • Order to be executed across two sites, 368.55 MW at the site developed by Suzlon in the Barmer district, Rajasthan and another 182.70 MW at the site developed by client in the Bhuj district, Gujarat.
  • Generated power to be utilised for captive usage within the Aditya Birla Group companies.
  • A project of this size can provide electricity to ~4.54 lakh households and curb ~17.92 lakh tonnes of CO2 emissions per year

Suzlon Group, India's largest renewable energy solutions provider, has announced a new order win for the development of 551.25 MW wind power project for the Aditya Birla Group, a Global Indian Conglomerate. Suzlon will install 175 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at sites in the Barmer district in Rajasthan and Bhuj district in Gujarat.

This order is for the company's larger rated 3.15 MW, S144-140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning, in Rajasthan, while they will supply, supervise, and commission the project in Gujarat. Suzlon will also undertake comprehensive operations and maintenance services post- commissioning at both the sites.

This project is a testament to the growing commitment to renewable energy in India and aligns with national targets to ramp up renewable capacities. It's expected to provide electricity to approximately 4.54 lakh households and reduce around 17.92 lakh tonnes of CO2 emissions annually 2. A move like this by a major conglomerate sets an example for others in India Inc. to follow in the pursuit of green energy solutions.

Girish Tanti, Vice Chairman, Suzlon Group, said, "We are delighted to partner once again with the Aditya Birla Group for this order. Suzlon admires and shares the value of nation building with the Aditya Birla Group and welcomes this opportunity to power them with sustainable energy. We applaud ABG's visionary approach to power operations across its group companies with renewable energy and set an example for India Inc. Suzlon's comprehensive and proven product portfolio, customised for the Indian wind regime, will be instrumental in ramping up India's renewable energy capacities in line with our national targets while powering the Indian industry with green energy."

JP Chalasani, Chief Executive Officer, Suzlon Group, said, "Every repeat customer is a validation of our technology and service prowess. I am grateful that the Aditya Birla Group has reaffirmed their faith in Suzlon's end-to-end solutions, products, and service excellence. This order will enable us to further strengthen our presence in Rajasthan and Gujarat while helping the states unlock their true wind energy potential. Every Suzlon turbine is a testament to "Make in India" and "Aatmanirbhar Bharat" being manufactured in India through a thriving domestic ecosystem."

Jayant Dua, Business Head and Director, Aditya Birla Renewables Limited, said, "At Aditya Birla Renewables Limited, we prioritise partnerships that enhance our mission to power India Inc. with renewable energy, expanding the accessibility of green power throughout the country. Suzlon's technological expertise, manufacturing capabilities, and comprehensive project development skills will help accelerate our energy transition journey and support our net-zero commitments."

Suzlon turbines feature the time tested Doubly Fed Induction Generator (DFIG) technology that efficiently integrates wind turbines into the utility network to meet the grid requirements. Suzlon's R&D efforts are continuously geared towards increasing turbine performance, harnessing more energy from low wind sites, and lowering the cost of energy.

Vodafone Idea Board Approves Raising Rs 2075 Cr Funds from Aditya Birla Group

Vodafone Idea Board Approves Raising Rs 2075 Cr Funds from Aditya Birla Group

The board of Vodafone Idea (Vi) has approved a plan to raise Rs 2,075 crore from the Aditya Birla Group through a preferential share issue. This move is part of a broader strategy to raise capital of Rs 20,000 crore for the Vi's operations and reduce its debt burden. The board also approved an increase in the authorized share capital of the company to Rs 1 lakh crore.

This funding is crucial for the telecom company's revival and is expected to help in repaying vendors, strengthening its 4G network, and funding the launch of 5G services. The capital infusion is expected to have a significant impact on Vodafone Idea's services.

The funds will help the company pay off its dues, which could improve its financial health and creditworthiness. It will enable Vodafone Idea to expand and improve its 4G network, which is crucial for retaining existing customers and attracting new ones.

Notably, very recently it is being reported that Vi is renewing its technology outsourcing agreement with IBM. The deal is estimated to be around $1 billion and is part of Vi's strategy to strengthen its IT infrastructure as it prepares to roll out 5G services in India's top 100 cities across its 17 priority markets

Part of the capital is likely to be allocated for the rollout of 5G services, allowing the company to compete with other operators who are already advancing in this area. 

In addition, the infusion of funds should help Vi in making meaningful EBITDA (earnings before interest, taxes, depreciation, and amortization), which is important for the company's operational sustainability.

However, challenges remain, such as debt servicing and government payouts, which the company needs to manage effectively. The overall goal is to ensure survival and prevent a duopoly in the telecom sector.

Vodafone Idea Limited, known as Vi, was created on 31 August 2018 by the merger of Vodafone India and Idea Cellular. Before the merger, Vodafone Group held a 45.2% stake in the combined entity, and the Aditya Birla Group held 26%. The remaining shares were held by the public.

After the merger, the company rebranded as Vi in 2020. Prior to its merger with Vodafone India, Idea Cellular was a subsidiary of the Aditya Birla Group, which became a joint venture with AT&T Corporation and later with the Tata Group before they exited the venture.

e-KYC System of Aditya Birla Sun Life AMC Limited Onboards Over Half A Lakh New Investors during Lockdown

Aditya Birla Sun Life AMC Limited, a subsidiary of Aditya Birla Capital Limited (a significant non-bank financial services’ conglomerate), and investment manager to Aditya Birla Sun Life Mutual Fund (ABSLMF) today said that there has been an increase in paperless modes of onboarding customers, with the asset manager adding over half a lakh new investors so far with its high-end video e-KYC system alone during the nationwide lockdown.

For this sophisticated technology the asset manager has partnered with Signzy, an AI powered RPA platform for financial services. The technology enables a zero-contact, paperless system that replaces the need for physical submission of KYC documents. The asset manager has already onboarded close to one-lakh investors to the mutual fund industry with video e-KYC system since its adoption a year ago.

This Artificial Intelligence & Machine Learning enabled Video e-KYC system replaces the need for document management providing an instantaneous experience. Investors can complete and submit their KYC application from the safety and security of their homes, at the same time it significantly reduces the turnaround time by speedy onboarding. With SEBI introducing the Aadhaar document & XML upload while doing KYC, the journey will get simpler and easy. Aditya Birla Sun Life AMC Limited’s application is Pre-integrated with Aadhaar XML validation. The API framework allows easy integration across multiple platforms providing a leaner and quicker way to drive synergies with partners and business. Signzy’s Video KYC is already being used to onboard thousands of customers every month by SEBI regulated institutions.

Commenting on this technology, A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC said, “The ongoing lockdown has made physical modes of submitting KYC applications inconvenient. With our already available Video e-KYC solution we have been able to win over this logistical challenge. This mode of onboarding is seeing rapid increase on a daily basis by our partners and investors. The number of registrations via Video e-KYC has more than doubled between January and April of this year. The adoption of technology across stakeholders will be central to the growth of the mutual fund industry, a need further amplified in the current environment. At Aditya Birla Sun Life AMC, with 97% of our transactions being carried out digitally during lockdown shows how our partners and customers are leveraging the tech infrastructure for ease and speed.”

Arpit Ratan, co-founder of Signzy said, “We are excited to have partnered with Aditya Birla Sun Life AMC to support their customer onboarding using our industry leading Video KYC solution. This solution is designed to cut down time and costs for onboarding new customers while simultaneously delivering much superior customer experience. It also meets the strictest infosec regulations and data security requirements. Our collective goal is to bring awareness and importance to the idea of video-KYC and normalise digital banking for the benefit of both financial services providers and their customers.”

The current KYC process involves officially valid document verification and in-person (or virtual) identity verification. This physical process is a time consuming exercise and made the onboarding experience of new investors quite cumbersome. There has been an overwhelming need to harness technology to create simpler digital versions of the KYC process. This sort of high-end technology adoption can further the consideration of mutual funds as an investment vehicle by simplifying processes.


About Aditya Birla Sun Life Mutual Fund

Established in 1994, Aditya Birla Sun Life Mutual Fund (ABSLMF), is co-sponsored by Aditya Birla Capital Limited (ABCL) and Sun Life (India) AMC Investments Inc.

Having total domestic assets under management (AUM) of close to Rs.2500 billion for the quarter ended March 31, 2020, ABSLMF is one of the leading Fund Houses in India based on domestic average AUM as published by the Association of Mutual Funds of India (AMFI). ABSLMF has an impressive mix of reach, a wide range of product offerings across equity, debt, balanced as well as structured asset classes, sound investment performance and over 7 million investor folios as of March 31, 2020.

With a pan India presence across 310 locations, ABSLMF is committed to deepening mutual fund penetration in the country. The company is ceaselessly working to enhance the appeal of mutual funds across a wider set of investors and advisors across India. Part of this effort includes introducing smart solutions, user-friendly services and conveniences which simplify mutual fund processes with digitization for both – investors as well as distribution partners. ABSLMF provides sector specific equity schemes, fund of fund schemes, hybrid and monthly income funds, debt and treasury products and offshore funds.

Aditya Birla Group's Hindalco is Now World's Largest Aluminium Products Firm

The Aditya Birla Group flagship Hindalco has further cemented its position as the world's largest producer of value-added aluminium products with the completion of the USD 2.8 billion acquisition of Aleris by its wholly-owned US subsidiary Novelis Inc.

The acquisition of the US-based rolled products major Aleris Corporation positions Hindalco as one of the world's largest aluminium companies, with a global footprint spanning 49 manufacturing facilities in North America, Europe and Asia, the group said in a statement.

The Birlas had announced acquisition of the privately held the Cleveland, Ohio-based Aleris in July 2018 for USD 2.58 billion when the rupee was trading much higher than now. The company has production facilities in North America, Europe and Asia.

The deal, closed at an enterprise value of USD 2.8 billion or at 7.2 times, offers Hindalco potential synergy benefits of USD 150 million on a recurring basis and also marks Novelis' entry into the high-end aerospace segment.

It also offers Hindalco a large foothold into the Chinese fully integrated metal value-chain as Aleris runs a facility in Zhenjiang.

It also positions Novelis as the leader in the US building and construction segment.

Satish Pai, the managing director of Hindalco, said beyond the many strategic benefits, the deal will generate around USD 150 million in synergies and creates a strong financial profile.

However, the deal closure takes the combined net debt to 3.3x, which Pai claimed is within the latest guidance of under 3.5x and well below the initial outlook of 4x when the transaction was announced.

The closing price of USD 2.8 billion consists of USD 775 million for equity value, as well as around USD 2 billion towards extinguishing Aleris' outstanding debt and a USD 50 million earn-out payment.

"The Aleris deal marks a major milestone for Hindalco and Novelis, on their path to global leadership. The closure of this deal amidst challenging market conditions reflects our conviction in the Aleris business and its value to our metals portfolio,” Kumar Mangalam Birla, the chairman of the Aditya Birla Group was quoted as saying in a statement.

Comparing the Aleris deal as “a long-term strategic bet, much like the Novelis deal was in 2007,” he said this deal enables further diversification of his group's metals downstream portfolio, into other premium market segments, most notably aerospace.

"By creating an industry champion, we are reinforcing our commitment to our customers, employees and shareholders. At the same time, with this further expansion of our aluminium portfolio, we have taken a decisive step towards a more sustainable future,” Birla said.

By adding Aleris' operational assets and workforce, Novelis is poised to more efficiently serve the growing Asia market by integrating complementary assets in the region including recycling, casting, rolling and finishing capabilities, he said.

"The acquisition takes forward our aluminium value-added products strategy and gives us entry into high-end aerospace. It further insulates us from global price volatility and sharpens our focus on the downstream business.

Aleris enhances our strategic position in Asia and also solidifies our position as a leading global metals player, with a stronger presence across the US and Europe,” Paid said.

Steve Fisher, president and CEO of Novelis Inc said with a world-class workforce, a presence in the most competitive and technically demanding end-markets, and the ability to deliver rapid, adaptive and sustainable solutions, Novelis will be able to even better serve our customers.”

Novelis will acquire Aleris' 13 plants across North America, Europe and Asia. But to meet regulatory conditions, it will divest the plants in Lewisport, Kentucky, the US, and Duffel in Belgium, as announced earlier.

With a revenue of USD 18.7 billion in FY19, Hindalco is the world's largest aluminium rolling and recycling company and also a major copper player apart from being Asia's largest producer of primary aluminium.

Its wholly-owned subsidiary Novelis Inc is the world's largest producer of aluminium beverage cans and the largest recycler of used beverage cans.

Hindalco's global footprint spans 36 manufacturing units across 10 countries. PTI

Aditya Birla Acquired Tech from US Startup Rated as Top-10 Emerging Tech 2015 by WEF

Thailand unit of Aditya Birla Chemicals, the manufacturer of bulk and specialty chemicals and viscose filament yarn, has acquired recyclable thermoset technology called 'Recyclamine' from Connora Technologies, a California-based chemical technology startup. The announcement was made last month by Aditya Birla Chemicals, part of the $48.3 billion global conglomerate Aditya Birla Group of India.

The financial of the deal was not disclosed.

Founded in 2011, by Chemical Engineers - Rey Banatao and Stefan Pastine, Connora has invented a revolutionary technology that enables the next generation of materials to be Reversible, Removable and Recyclable - while maintaining performance characteristics.

The startup's flagship product Recyclamine®, which Aditya Birla has bought, harnesses technology in a comprehensive plug-in resin system to produce the industry’s first truly recyclable high performance thermoset composites.

As per Connora , it's for the first time that -- with its invention -- valuable materials can now be recovered throughout a composite's life cycle - from the waste at manufacture to end-of-life recycling - creating a true cradle-to-cradle manufacturing ecosystem.

Recyclable thermoset technology was recognized as one of the Top 10 emerging technologies in 2015 by the World Economic Forum. Aditya Birla Chemicals Limited Thailand, a parent company of CTP Advanced Materials (Germany) and owner of Epotec and CeTePox Brands, is one of the leading manufacturers of epoxy resins and curing agents globally. Aditya Birla Chemicals, part of the $48.3 billion global conglomerate Aditya Birla Group, and Connora Technologies, have been collaborating since 2016 in a Joint Development Agreement to scale-up the manufacturing of Connora’s recyclable epoxy thermoset technology.



Kalyan Ram Madabhushi, CEO Aditya Birla Chemicals, believes that the acquisition of Recyclamine technology is a natural next step for Aditya Birla Chemicals, as it constantly strives to bring innovative and sustainable advanced polymer solutions to its customers. This technology not only enables incremental value creation through zero-waste manufacturing to customers, but also uniquely offers end-of-life recyclability options.

Pradip Kumar Dubey, President of Aditya Birla Chemicals Epoxy Division, says, “This acquisition reaffirms our commitment to being an Advanced materials player, offering sustainable and unique solutions that matter to our customers and society in general. Recyclamine is revolutionary for the epoxy and composites industries, as it will enable the manufacturing of recyclable products. Before this innovation, it was just not possible to do so.”

Dr. Stefan Pastine, Co-Founder and CTO of Connora Technologies explains, “As a chemical technology start-up company, we always knew that forming a close partnership with a world-class chemical company would be required for our technology to get to scale. This acquisition is the culmination of a multi-year relationship and the result of the dedication and unwavering commitment to the vision of the Recyclamine technology, from both ABCL and Connora."

The efficient recycling of composite materials should have a positive impact on the automotive and aerospace industries, where the trend to make lighter, stronger, and more energy-efficient vehicles is driving growth in the use of carbon fibre composite materials. Composites industry reports state that the manufacturing of composites today generates 5-40% of raw inputs as waste materials, for which there are few options in recycling or reuse. Making composites more recyclable through the use of Recyclamine should help reduce the overall cost of manufacturing of composite products, by re-integrating composite waste and reducing landfill costs.

Aditya Birla Idea Payments Bank to Close Operations

Nearly 17 months after it began operations, Aditya Birla Idea Payments Bank Limited (ABIPBL) Saturday announced winding up of its business on account of "unanticipated developments" that made its economic model "unviable".

"...we wish to inform you that the Board of Directors of our associate company Aditya Birla Idea Payments Bank Limited (ABIPBL), has subject to receipt of requisite regulatory consents and approvals, approved the voluntary winding up of ABIPBL," Vodafone Idea Limited said in a regulatory filing.

The decision has been taken due to unanticipated developments in the business landscape that have made the economic model unviable, the filing added.

In February 2018, Aditya Birla Idea Payments Bank became the fourth such entity to begin operations since the issuance of licences to 11 firms by RBI in August 2015.

The company is the fourth payments bank to shut shop after Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank Ltd and Telenor Financial Services that pulled the plug of operations.

Vodafone Idea Limited in a regulatory filing said, "the Board of Directors of our associate company Aditya Birla Idea Payments Bank Limited (ABIPBL), has subject to receipt of requisite regulatory consents and approvals, approved the voluntary winding up of ABIPBL".

ABIPBL had received the banking licence from the RBI on April 3, 2017, for carrying on the business of a payments bank and had also received an authorisation to carry on the business of Prepaid Payments Instrument business. It commenced business from February 22, 2018.

Sources privy to the development said that the payments bank has about 200 employees and a majority of them are likely to be absorbed in other group entities, while the rest will be offered outplacement assistance.

Total deposits with Aditya Birla Idea Payments Bank stand at about Rs 20 crore, according to sources.

"The payments bank does not want customers to worry about what happens to their money. They will be given enough time and notice to transfer or withdraw it," the source said adding that the closure of operations could take about three months.

Aditya Birla Payments Bank is promoted by Grasim Industries Limited and Vodafone Idea Limited with 51 and 49 per cent shareholdings respectively.

According to the filing, ABIPBL incurred a loss of Rs 24 crore at the end of 2017-18.

Aditya Birla group said ABIPBL has made full and complete arrangement of funds for the return of customer deposits and meeting its all liabilities and is taking steps to ensure smooth closure of all the customer accounts and settlement of their balances.

"The Bank will continue to be operational for limited banking transactions and will provide a facility to the customers for withdrawing/transferring their balances," the group said in a statement.

Abof.com To Shut Shop By Year End

In a shocker of a news, Aditya Birla Group’s fashion e-commerce platform Abof.com has decided to shut its shop by the end of 2017, according to a report in the Economic Times.

Aditya Birla Online Fashion started its operations two years ago in October 2015. The platform lists clothing and accessories for men and women, both from Aditya Birla’s brands as well as clothing curated from other brands. Last year, global ecommerce giant Amazon ended up adding Abof.com as a seller on its marketplace.

Reportedly, the company has already informed all of its 240 employees about the decision and has finalised December 31, 2017 as its last day of operations. The employees have an option of either accepting four-and-half months’ salary as a severance package and leave the organisation or continue being a part of the Aditya Birla Group in some other department other than Abof. Reportedly, November onwards they will also start closing down their stocks.

Aditya Birla’s director of human resources Santrupt Misra confirmed ET about the development. He further shared that the news shouldn’t come as much of a shock since most ecommerce players in the country are currently finding it hard to survive and it is time to realise that there’s something wrong with the segment.

Aditya Birla Group started Abof saying the platform would not offer discounts and, instead, sell a more limited and fashionable range of merchandise. In an interview in March, chief executive Prashant Gupta had told ET that their “target consumer is not the guy who is looking for a deal”.

Interestingly, Aditya Birla had earlier launched another e-commerce platform called TrendIN.com in 2013. The group used the platform to sell its in-house brands such as Van Heusen, Louis Philippe, Allen Solly, Pantaloons, People, Peter England and Planet Fashion. However, it ended up shutting down this platform and started its separate online platforms for individual brands.

India's Third Largest Firm Is Inviting 500 Israeli Startups For Funding

india_israel

After giants like Tata and Infosys now the Aditya Birla group, one of the most esteemed companies in India wants to go shopping in Israel.  The company recently announced that they are looking to fund innovative startups in Israel. This is  not just an announcement, they have started working on this as well. They have deployed one of their highest ranking officers, Dev Bhattacharya, to evaluate and review about 500 hundred startups of Israeli origin for this very purpose specifically in the technology sector. Bhattacharya has three other top executives of the company with him, helping him make the assessment.

The 'Birla' name is very common in India, you could go to any street any corner and people will know about it. It has been in existence since 1857 and is still giving other companies a run for their money. They are a company valued at $41 billion and over 1,20,000 employees in over 40 nations across the world. Also, they haven't restricted themselves to just one or two sectors, they have their fingers in a lot of jars. And in almost all the fields they are at the very top of the game. With this move, they hope to get an edge over their competitors and improve their technology.

Once some startups are shortlisted they will be invited to visit India on an all expense paid trip to come and present their ideas in front of a group of companies with the aim of picking up funding. They have a program called Biz Labs, where startups are given an opportunity to show how their technology will benefit the company. Under this program, the startup gets access to the top level officials of the country and if they prove themselves to be good enough they might even be considered for a commercial arrangement with the group itself.

This is not the first time an Indian company has shown interest in Israeli-based tech startups. Last year itself, Infosys had acquired a startup by the name of Panaya ( a cloud tech firm) for about $200 million. Tata has also invested in  a research centre called Tel Aviv University’s Technology Innovation Momentum Fund which develops new and innovative technologies. After these two companies now it is Aditya Birla Group's turn. This arrangement will help both, the Indian companies and the Israeli startups. An amalgamation of the resources of the companies will help the startup expand and grow and the technologies provided by the startups will help the company run better and improve their business.

India's Third Largest Firm Is Inviting 500 Israeli Startups For Funding

india_israel

After giants like Tata and Infosys now the Aditya Birla group, one of the most esteemed companies in India wants to go shopping in Israel.  The company recently announced that they are looking to fund innovative startups in Israel. This is  not just an announcement, they have started working on this as well. They have deployed one of their highest ranking officers, Dev Bhattacharya, to evaluate and review about 500 hundred startups of Israeli origin for this very purpose specifically in the technology sector. Bhattacharya has three other top executives of the company with him, helping him make the assessment.

The 'Birla' name is very common in India, you could go to any street any corner and people will know about it. It has been in existence since 1857 and is still giving other companies a run for their money. They are a company valued at $41 billion and over 1,20,000 employees in over 40 nations across the world. Also, they haven't restricted themselves to just one or two sectors, they have their fingers in a lot of jars. And in almost all the fields they are at the very top of the game. With this move, they hope to get an edge over their competitors and improve their technology.

Once some startups are shortlisted they will be invited to visit India on an all expense paid trip to come and present their ideas in front of a group of companies with the aim of picking up funding. They have a program called Biz Labs, where startups are given an opportunity to show how their technology will benefit the company. Under this program, the startup gets access to the top level officials of the country and if they prove themselves to be good enough they might even be considered for a commercial arrangement with the group itself.

This is not the first time an Indian company has shown interest in Israeli-based tech startups. Last year itself, Infosys had acquired a startup by the name of Panaya ( a cloud tech firm) for about $200 million. Tata has also invested in  a research centre called Tel Aviv University’s Technology Innovation Momentum Fund which develops new and innovative technologies. After these two companies now it is Aditya Birla Group's turn. This arrangement will help both, the Indian companies and the Israeli startups. An amalgamation of the resources of the companies will help the startup expand and grow and the technologies provided by the startups will help the company run better and improve their business.

Aditya Birla Group to launch E-Commerce project in India

aditya_birla_group_e-commerce

The Aditya Birla group is all geared to launch a project to back the e-commerce industry. This can be seen as the group’s huge step of cashing in on the rising online business. The online business is flourishing like never before due to rising disposable incomes, rapid adoption of Smartphones and an increase in the number of young consumers.

Recently, Reliance Retail had also announced about its plans of entering the e-commerce arena of India by launching multi-channel shopping from this year.

Prashant Gupta, who currently heads the chairman’s office at Aditya Birla, has been named to be the leader of the new project. Gupta is a hardworking professional and was chosen for this prestigious post due his twelve year experience at McKinsey & Co. Gupta has been able to gain deep insights into the long-term potential of various businesses due to his this experience.

Gupta is an alumnus of the prestigious Indian Institute of Management, Ahmedabad and had joined the group as a President in 2010.  Ever Since joining, his main duties had been assisting KM Birla in strategic planning and monitoring of diversified businesses.

Gupta’s current job is to do an extensive study and research of the whole e-commerce space and then evaluate the business potential and then based on his evaluation and study, the group would decide whether it should go ahead with the project or not.

In a similar move in 2007, the group had moved the then CFO Sumant Sinha to head the push into the retail business. He has played a huge role in building up the retail business and in taking over Trinethra, a Hyderabad based supermarket.

A recent study conducted by McKinsey estimated that India will have around 330 to 370 million people online by next year. This clearly shows that India is on the verge of an internet boom.

The Indian e-commerce market has been estimated at $13 billion in 2013. Online sales of retail goods amounted to $ 1.6 billion in 2013 and this figure is expected to escalate to $ 76 billion by 2021.

It seems Indian e-commerce market has found a major backer in Kumar Mangalam Birla of the Aditya Birla Group.

Aditya Birla Group to launch E-Commerce project in India

aditya_birla_group_e-commerce

The Aditya Birla group is all geared to launch a project to back the e-commerce industry. This can be seen as the group’s huge step of cashing in on the rising online business. The online business is flourishing like never before due to rising disposable incomes, rapid adoption of Smartphones and an increase in the number of young consumers.

Recently, Reliance Retail had also announced about its plans of entering the e-commerce arena of India by launching multi-channel shopping from this year.

Prashant Gupta, who currently heads the chairman’s office at Aditya Birla, has been named to be the leader of the new project. Gupta is a hardworking professional and was chosen for this prestigious post due his twelve year experience at McKinsey & Co. Gupta has been able to gain deep insights into the long-term potential of various businesses due to his this experience.

Gupta is an alumnus of the prestigious Indian Institute of Management, Ahmedabad and had joined the group as a President in 2010.  Ever Since joining, his main duties had been assisting KM Birla in strategic planning and monitoring of diversified businesses.

Gupta’s current job is to do an extensive study and research of the whole e-commerce space and then evaluate the business potential and then based on his evaluation and study, the group would decide whether it should go ahead with the project or not.

In a similar move in 2007, the group had moved the then CFO Sumant Sinha to head the push into the retail business. He has played a huge role in building up the retail business and in taking over Trinethra, a Hyderabad based supermarket.

A recent study conducted by McKinsey estimated that India will have around 330 to 370 million people online by next year. This clearly shows that India is on the verge of an internet boom.

The Indian e-commerce market has been estimated at $13 billion in 2013. Online sales of retail goods amounted to $ 1.6 billion in 2013 and this figure is expected to escalate to $ 76 billion by 2021.

It seems Indian e-commerce market has found a major backer in Kumar Mangalam Birla of the Aditya Birla Group.

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