Sources say that the group is looking at investing upto Rs 700-800 crore for its banking arm and is firming up details including professionals to be hired.
"The group is confident about its plans and is hiring senior professionals from the industry to be able to draft out a firm plan for the banking foray. There are no hurdles with respect to regulatory concerns etc," says a source familiar with the development.
Sources say the group is also open to bringing in a partner for a majority stake but only if the fit is right.
"What the group wants is a partner that can bring in the domain expertise and technology framework. In terms of capital though, the Birla Group is very strong and doesn't need help in terms of capital investment. If the group doesn't find a suitable partner, it may not go ahead with the partner route," said the source.
When contacted the spokesperson for Aditya Birla Group said they cannot comment on market speculation as per policy.
Aditya Birla stock price
On November 29, 2013, Aditya Birla Money closed at Rs 13.25, down Rs 0.3, or 2.21 percent. The 52-week high of the share was Rs 23.95 and the 52-week low was Rs 10.60.
The latest book value of the company is Rs 4.97 per share. At current value, the price-to-book value of the company was 2.67.
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