Aditya Birla Group gets RBI nod to kick off payments bank
The Dollar Business Bureau Aditya Birla Group on Tuesday announced it has received the banking license from the Reserve Bank of India (RBI) to operate its joint venture Aditya Birla Idea Payments Bank Ltd. Kumar Mangalam Birla-led outfit Aditya Birla Nuvo had earlier set up a joint venture with the other telecom major Idea Cellular to start payments bank services in the country. Aditya Birla Nuvo and Idea Cellular will hold 51:49 shares in the joint venture payment bank. "... the Reserve Bank of India... has granted a licence to Aditya Birla Idea Payments Bank Ltd to carry on the business of payments bank in India," Aditya Birla Nuvo said in a statement. Earlier last year, Airtel and India Post had formed a joint ...
Aditya Birla Nuvo to merge with Grasim Industries
PTI After consolidating its garments business into a single entity last year, the USD 41-billion Aditya Birla Group today finalised plans to merge Aditya Birla Nuvo with flagship Grasim Industries and hive off financial services business into a separate entity. The merger is scheduled to be completed by the first quarter of next fiscal, while the financial services business will be listed by June 2017. The merged Grasim will create a behemoth with an aggregate turnover of Rs 59,766 crore and an EBITDA of around Rs 11,961 crore (as per March 2016 closing). This will also make Grasim the top cement company with the largest selling brand (UltraTech), among the top 10 diversified NBFCs, among the top four private life insurers and ...
Localisation is the secret behind the success of global brands: Nestle Exports
Neha Dewan | @TheDollarBiz Companies that plan to go global at times overlook the need to localise their products, and this often leads to failure, revealed Rakesh Sharma, Head of Exports, Nestle India, at a knowledge symposium on “Emerging Opportunities and Risk Management in Global Business” organised by the Federation of Indian Export Organisations (FIEO) and Jagan Institute of Management Studies (JIMS) in New Delhi last week. Speaking at the forum, Sharma said that identifying a consumer segment that resonates with the company’s core strength is an important factor for the success of a brand in emerging markets. However, localisation is the key. “One must develop products that are suitable for the local market. Localisation is critical to access. Failure ...
