INDIAN RAYON RESTRUCTURING: THREE TO TANGO (Aditya Birla Group merges Indian Rayon, Indo-Gulf Fertilizers and Birla Global Finance into a new company).

(From India Business Insight)

The Aditya Birla Group has merged three of its group companies, namely the Indian Rayon, Indo-Gulf Fertilizers and Birla Global Finance into a new company, the Aditya Birla Nuvo (ABN). The restructure has cost the group Rs5,000 crore. ABN, which came into effect from 1 Sep 2005, will be one of the largest diversified private-sector companies in India with interests spanning across textiles, carbon black, fertilisers, IT and ITeS and financial services. Analysts say that the merger of Indo Gulf into Indian Rayon was a move towards effectively …