Aditya Birla Capital, controlled by billionaire Kumar Mangalam Birla, is considering selling its insurance brokerage unit as the group seeks to restructure its financial services business, people familiar with the matter said.
- Sale comes as Aditya Birla Insurance Brokers failed to scale
- CEO of Birla financial services is restructuring the business
The publicly-traded company has held talks with potential buyers about a sale of Aditya Birla Insurance Brokers as it failed to scale up the 19-year-old business, the people said, asking not to be identified as the information is not public.
It is one of India’s largest composite insurers, meaning it offers both life and non-life policies, yet the unit reported revenue of only 6 billion rupees ($73 million) in the year to March 31, 2021, its website shows.