The Boards of Directors of Grasim Industries Limited ("Grasim"), Aditya Birla Nuvo Limited ("ABNL") and

Aditya Birla Financial Services Limited ("ABFSL") at their respective meetings held recently, approved the merger of ABNL into Grasim and the subsequent demerger & listing of its financial services business through a composite scheme of arrangement ("Scheme").

Says Kumar Mangalam Birla, Chairman, Aditya Birla Group, "The proposed restructuring will create one of India's largest, well-diversified companies with a healthy mix of businesses with steady cash flows and long-term growth opportunities. With diverse businesses spanning manufacturing and services, the combined company provides a play on India's growth story. The demerger and listing of the financial services business will unlock value for shareholders."

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