Aditya Birla Nuvo, a diversified conglomerate, is planning to invest nearly INR3.5 billion (US$60 million) in its financial arm in the current fiscal.
"For 2014-15, ABNL has earmarked a capital expenditure plan of around INR4.6 billion. The company plans to invest about INR3.5 billion in the financial services business," the company said in an investor update.
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However, the company did not reveal which segments in its financial arm – Aditya Birla Financial Services (ABFS) – will receive capital infusion.
ABFS offers life insurance, asset management, broking, non-banking finance companies (NBFC), private equity, wealth management and general insurance advisory services.
ABFS posted consolidated revenue of INR66.4 billion during 2013-14.
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