Aditya Birla completes Apollo Sindhoori acquisition

March 9th, 2009 - 8:59 pm ICT by IANS  

Mumbai, March 9 (IANS) Diversified company Aditya Birla Nuvo Ltd Monday said it has completed the acquisition of 76 percent stake in the retail broking firm of the Apollo Hospitals Group.
The group bought 56 percent in Apollo Sindhoori Capital Investment from the promoters and another 20 percent through an open offer.

The acquired company is a leading player in the financial services sector with over 10 years of experience in the share broking business. It has a network of over 221 own and 687 franchisee branches, and a customer base in excess of 175,000.

“The acquisition not only gives us an opportunity to expand our spectrum of offerings but also presents us a strong customer base, distributor franchise and most importantly an unparalleled talent pool,” said Ajay Srinivasan, chief executive (financial services), Aditya Birla Group.

The group has a presence across various financial services verticals that include life insurance, fund management, among others.

In 2008-09, the financial services business crossed consolidated revenues of $621 million for the first nine months, a growth of over 51 percent from corresponding period last year.

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