Aditya Birla buys stake in financial services firm
Tuesday, 31 March 2009, 23:01 IST
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
Source: IANS