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Aditya Birla Capital Likely To Sell Its Insurance Brokerage Unit
Reports claim the sale is a part of Muley’s effort to restructure the trading company and boost shareholders' return which ranges from asset management to mortgage financing
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The publicly-traded company Aditya Birla Capital, controlled by billionaire Kumar Mangalam Birla, is considering selling its insurance brokerage unit as the group seeks to restructure its financial services business, as per media reports.
It has held talks with potential buyers about Aditya Birla Insurance Brokers' sale following failed attempts to scale up the 19-year-old business.
The composite insurer, providing both life and non-life policies reported only Rs 6 billion in revenue (USD 73 million) in the year till 31 March 2021, as per media reports supported by its official website.
The company’s shares have surged more than 50 per cent since Vishakha Mulye took on the role of CEO in June this year.
Reports claim the sale is a part of Muley’s effort to restructure the trading company and boost shareholders' return which ranges from asset management to mortgage financing.
It’s been estimated that the company may close the transaction by March 31, however, no official statement has been released regarding the valuation, and the sale could still be shelved.
As of now, the spokesman for Aditya Birla group declined to comment regarding the sale.