Aditya Birla buys stake in financial services firm

Tuesday, 31 March 2009, 10:31 Hrs
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Mumbai: Aditya Birla Nuvo said it has acquired over 3.5 million equity shares in its subsidiary Birla Sun Life Distribution Co (BSDL).

The shares were acquired from Canada-based Sun Life (India) Distribution Investments Inc.

BSDL has now become a wholly-owned subsidiary of the Aditya Birla group.

The move will bring synergy and synchronisation in the business of broking and distribution in the financial services, the company said in a regulatory statement.

The financial details of the deal were not immediately available.

Sun Life also has a stake in Aditya Birla Nuvo's life insurance business arm Birla Sun Life.
Source: IANS
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