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Aditya Birla Nuvo to apply for licence to set up a bank

25th June, 2013

P. R. Sanjai
Live Mint
25 June 2013

In a filing to the BSE, Aditya Birla Nuvo said its Board of Directors has approved a proposal to this effect

P. R. Sanjai
Live Mint
25 June 2013

Mumbai: Aditya Birla Nuvo Ltd, a part of $40 billion Aditya Birla Group, said on Tuesday that it will apply for a bank permit.

In a filing to the BSE, the company said its Board of Directors has approved a proposal to this effect. Aditya Birla Nuvo earned a revenue of $4.75 billion in the year ended March. Its businesses include financial services, telecom, fashion, lifestyle, IT and manufacturing, according to its website.

Srei Infrastructure Finance Ltd also told BSE on Monday that it would apply for a banking licence. However, Mahindra and Mahindra Financial Services Ltd unexpectedly decided against applying for a banking permit after reviewing the guidelines and clarifications issued by the central bank on 3 June. The non-banking finance company (NBFC) said it will reconsider its decision if the guidelines are amended to permit coexistence of an NBFC and a bank in the same group.