Aditya Birla Nuvo, which acquired Chennai-based Apollo Sindhoori Capital Investments recently, could well be thinking of a bigger play in the financial services area. One of the key group companies of the AV Birla Group which holds stakes in various business of the group including financial services, Aditya Birla Nuvo, has acquired 50% stake in its joint venture firm Birla Sun Life Distribution Company Limited (BSDL) from its Canadian foreign partner Sun Life for an undisclosed amount.
The two partners also have partnership in asset management and insurance ventures which remains intact.
BSDL, was launched 10 years back as an integrated provider of financial services including wealth management, financial planning and investment solutions. This is through a range of products like mutual funds, insurance, PE funds, alternate investments, select fixed deposits and IPOs and structured products.
The JV firm provides life insurance products of Birla Sun Life Insurance, sourced through its wholly owned subsidiary BSDL Insurance Advisory Services Ltd (BSDLIAS), which is licensed to act as a corporate agent of Birla Sun Life Insurance Company Limited.
It is among the top distributors of financial products in the country with a network of around 40 branches in 29 cities across India.