Aditya Birla buys stake in financial services firm

Aditya Birla Nuvo Ltd on Tuesday said that it has acquired over 3.5 million equity shares in its subsidiary Birla Sun Life Distribution Co (BSDL). The shares were acquired from Canada-based Sun Life (India) Distribution Investments Inc. BSDL has now become a wholly-owned subsidiary of the Aditya Birla group. The move will bring synergy and synchronisation in the business of broking and distribution in the financial services, the company said in a regulatory statement. The financial details of the deal were not immediately available. Sun Life also has a stake in Aditya Birla Nuvo's life insurance business arm Birla Sun Life.