Aditya Birla merges retail biz to create two bn dollars entity

Kumar Mangalam Birla-led Aditya Birla Group has finally announced the merger of its two retail arms — the Aditya Birla Nuvo-owned fashion retailing business with Pantaloons Fashion & Retail. The merger has led to the launch of Rs 12,000 crores (around two billion dollars) branded apparel entity called Aditya Birla Fashion & Retail (ABFRL).

As per the scheme of things, approved on Sunday by the boards of respective companies, Madura Fashion, the branded apparel retailing division, and Madura Lifestyle, the luxury branded apparel retailing of Aditya Birla Nuvo, will be demerged into its listed subsidiary, Pantaloons Fashions and Retail (PFRL).