Tycoon Birla Is Said to Weigh Selling Insurance Brokerage Unit

Aditya Birla Capital Ltd., controlled by billionaire Kumar Mangalam Birla, is considering selling its insurance brokerage unit as the group seeks to restructure its financial services business, people familiar with the matter said.

The publicly-traded company has held talks with potential buyers about a sale of Aditya Birla Insurance Brokers Ltd. as it failed to scale up the 19-year-old business, the people said, asking not to be identified as the information is not public. It is one of India’s largest composite insurers, meaning it offers both life and non-life policies, yet the unit reported revenue of only 6 ...