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Birla Wins Grasim Shareholder Approval to Pursue ABNL Merger

  • Deal still subject to approval from ABNL’s shareholders
  • Overhaul would strengthen tycoon’s influence over group
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Shareholders of billionaire Kumar Mangalam Birla’s Grasim Industries Ltd. approved plans for the Indian tycoon to pursue a controversial merger that would tighten his grip of a business empire with more than $40 billion in annual revenue.

More than 93 percent of Grasim minority shareholder votes cast were in favor of the plan to merge with affiliate Aditya Birla Nuvo Ltd., according to a statement. ABNL investors are scheduled to vote on the deal by April 9.