Sunday , 25 August 2019
Breaking News
Grasim Industries receives tax demand of Rs 5,872 on mega merger

Grasim Industries receives tax demand of Rs 5,872 on mega merger

Grasim Industries has received tax demand from the Income Tax department with respect to its merger with Aditya Birla Nuvo and Aditya Birla Financial Services. The company has received an order issued by the Deputy Commissioner of Income Tax (DCIT) raising a demand of Rs 5,872.13 crore on account of dividend distribution tax (including interest).

In September 2017, the National Company Law Tribunal (NCLT), bench at Ahmedabad, had approved the merger of Aditya Birla Nuvo (ABNL) with Grasim Industries to be followed by the listing of Aditya Birla Financial Services Ltd (ABFSL).

Grasim Industries is the flagship company of the Aditya Birla Group. The company’s businesses comprise viscose staple fibre, cement, chemicals and textiles. Its core businesses are VSF and cement, which contribute to over 90% of its revenues and operating profits.