Aditya Birla Nuvo to invest Rs. 350 cr in financial services biz.

Diversified conglomerate Aditya Birla Nuvo Ltd. (ABNL) will invest Rs. 350 crore in its financial services business in the current fiscal.

'For 2014-15, ABNL has earmarked a capital expenditure plan of around Rs. 460 crore. The company plans to invest about Rs. 350 crore in the financial services business,' the company said in an investor update.

The company, however, has not specified which segments in its financial arm - Aditya Birla Financial Services (ABFS) - will receive capital infusion.

ABFS is into life insurance, asset management, broking, non-banking finance companies (NBFC), private equity, wealth management and general insurance advisory. It had reported a consolidated revenue of Rs. 6,640 crore in 2013-14.

HBL