Diversified entity Aditya Birla Nuvo Ltd (ABNL) today announced formation of a joint venture with MMI Holdings -- a South African insurance based financial services group -- to enter Indian health insurance and wellness market.
Shares of companies that run insurance business rose by as much as 4 percent after the Cabinet today gave go-ahead to FDI cap hike in the sector to 49 percent with a rider that management control will remain in the hands of Indian promoters.
Aditya Birla Nuvo Ltd (ABNL) on Friday reported 24.16 percent increase in net profit at Rs 331.33 crore for the first quarter ended June 30, 2013, driven by strong performance from all its business verticals .
RBI Thursday said it will look at whether there is any conflict of interest arising out of a bank licence application filed by Aditya Birla Nuvo, whose group Chairman Kumar Mangalam Birla happens to be on the board of the central bank.
The move, aimed at reducing debt, follows a decision of the company's Committee of Directors who felt that it will be "extremely challenging" for Nuvo to become a global leader as multi-national tyre makers prefer tie-ups with firms which has global spread.