Internal restructuring involving hiving off certain businesses through a process of de-merger has been planned for the three major AV Birla Group companies - Indian Rayon, Indo-Gulf Fertilisers and Birla Global Finance.
Respective boards of all the three companies have convened meetings on Sunday when restructuring proposal will be discussed.
It is understood that insurance business will be off loaded to Birla Global Finance. This will make the company a financial powerhouse for the group keeping interests in asset management and insurance sectors only.
Currently, insurance venture is carried out by Indian Rayon, which has a 74 per cent stake.
Indian Rayon, has been the maiinstay of the group that acquired Madura Garments. Even software maker PSI Data and BPO company Transworks were purchased by this company.
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