Azim Premji invests in Aditya Birla’s ABCL

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Wipro’s Chairman, Azim Premji has invested in Aditya Birla Capital (ABCL). Premji has picked up 2.2% stake worth ₹700 crore at a valuation of ₹32,000 crore ahead of its listing next month. ABCL is the holding company of the financial services businesses of the Aditya Birla Group.

ABCL is the composite arrangement between Aditya Birla Nuvo and Grasim Industries. The financial business of Grasim would be transferred to and vested in the company by the way of demerger which will be effective from July 4, 2017, into ABCL. Besides the company is permitted to issue additional equity shares, to one or more financial investors.

Kumar Mangalam Birla after investment by Premji said, “We welcome a marquee investor like Premji Invest to join us in ABCL’s journey ahead. This transaction underpins the inherent strength of our financial services business”.
ABCL is one of India’s leading non-bank financial services institutions. The firm has built a high-quality customer franchise through a profitable and scalable business model, and achieved significant market leadership in certain segments. Beside, ABCL has applied for the license to start an assets reconstruction and securitisation business.
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