Grasim Industries has allotted 20,000 equity shares of Rs 2 each under ESOS. Consequent to the above allotment, the equity share capital of the Company stands increased to 65,83,15,426 equity shares of Rs 2 each aggregating to Rs 1,31,66,30,852.

Powered by Capital Market - Live News

Grasim Industries will hold a meeting of the Board of Directors of the Company on 12 August 2022.

Powered by Capital Market - Live News

Grasim Industries announced that the 75th Annual General Meeting (AGM) of the company will be held on 29 August 2022.

Powered by Capital Market - Live News

This investment adds a new high-growth engine with clear adjacencies within Grasim's standalone businesses as also that of its subsidiaries and associate companies.

The overall building materials procurement segment in India has grown at a CAGR of approximately 14% over the last 3 years. This industry is estimated at approximately $100 billion with current digital penetration of just 2%. Grasim's digital platform will address various challenges within the existing supply chain.

The platform will primarily focus on MSMEs in the building materials segment with the potential to further extend to other relevant categories. The key value proposition would be an integrated procurement solution including on-time delivery and a superior product range at competitive pricing.

This platform will be operated by a newly recruited leadership team from the digital ecosystem.Grasim believes that B2B e-commerce is a high growth opportunity with attractive long-term returns and will be highly value accretive to its stakeholders.

Kumar Mangalam Birla, chairman, Aditya Birla Group said, “The foray into B2B e-commerce is yet another strategic portfolio choice as it crystallizes our intent to invest in the new-age, high growth digital space.

The building materials segment presents a huge scalable business opportunity with a proven path to profitability. With this foray, Grasim would be able to leverage the large B2B ecosystem within the Aditya Birla Group. This move will also catalyze the growth of the MSME universe in India and provide an impetus to the Government's vision of 'Digital India'.”

Separately, Grasim informed that the board of directors of the company has considered and approved re-appointment of Anita Ramachandran as a non-executive independent director of the company for a second term of five consecutive years.

The re-appointment will take effect from 14 August 2023 and up to 13 August 2028 for a period of five consecutive years, subject to approval by the members at the ensuing annual general meeting of the company.

Anita Ramachandran is a non executive independent director of the company since 14 August 2018. She holds a Master's degree in Management Studies from Jamnalal Bajaj Institute of Management. She is a renowned human resource professional with deep knowledge and experience for about 40 years as a management consultant. She is also one of the first generation of women professional to become an entrepreneur and run a highly successful HR consulting and services organization.

She is currently on the board of Metropolis Healthcare, Kotak Mahindra Life Insurance Company, Happiest Minds Technologies, FSN E-Commerce Ventures and several other companies.

Grasim Industries is a leading diversified player with leadership presence across many sectors. It is a leading global producer of viscose staple fibre, the largest chlor-alkali, linen and insulators player in India. Through its subsidiaries, UltraTech Cement and Aditya Birla Capital, it is also India's largest cement producer and a leading diversified financial services player. Grasim has also announced foray in decorative paints business.

The company's consolidated net profit rose 61.89% to Rs 2,777.15 crore on 18.07% rise in net sales to Rs 28,811.39 crore in Q4 March 2022 over Q4 March 2021.

Shares of Grasim advanced 0.90% to Rs 1454.95 on the BSE.

Powered by Capital Market - Live News