Aditya Birla Nuvo’s arm surrenders Category ‘B’ COR to RBI

Aditya Birla Nuvo’s subsidiary - ABNL Investment has voluntarily surrendered the Category ‘B’ Certificate of Registration (COR) of Non Banking Finance Company (NBFC) (Non Accepting Deposits) to Reserve Bank of India (RBI) and has requested cancellation of the said registration.

The company has taken this step as the income from its non-financial assets is more than the income arising out of the financial assets and that it does not intend to carry on the business of NBFC activities.

Aditya Birla Nuvo is a $4.5 billion conglomerate by revenue size. The company, part of Aditya Birla Group, is present across financial Services, telecom, fashion & lifestyle, IT-ITeS and manufacturing businesses.