By Siddhi Nayak
MUMBAI (Reuters) -Three key financial businesses of India’s Aditya Birla group are expected to grow 19%-21% in the next three to five years, the cement-to-retail conglomerate’s chairman Kumar Mangalam Birla said on Tuesday.
Speaking at an event in Mumbai, Birla was referring to the company’s credit, investment and insurance arms, but did not provide more details how the growth would be achieved.
These segments accounted for a lion’s share of its financial services arm Aditya Birla Capital Ltd’s (ABCL) third-quarter earnings, amounting to roughly 79% of the revenue.
Besides those three units, Aditya Birla’s financial services offerings include asset reconstruction and pension management.
At the event, ABCL unveiled a digital application called ABCD – a platform that offers facilities like payments and financial services such as loans.
The company has spent around 1 billion rupees (roughly $12 million) to create the app, said ABCL CEO Vishakha Mulye, and aims to acquire 30 million customers in the next three years.
($1 = 83.5167 Indian rupees)
(Reporting by Siddhi Nayak in Mumbai; Writing by Hritam Mukherjee; Editing by Savio D’Souza and Varun H K)
