A prolonged economic downturn is a testing time for many businesses and their promoters. Many giants fall and make way for newer leaders with better capital structure, impeccable management bandwidth and operating structure. One such company is Aditya Birla Nuvo (ABN). The company has an interesting mix of value-creating businesses that represent domestic consumption (telecom, fashion and garments), import substitution (fertiliser, viscose fibre yarn) and financial services (insurance, NBFC lending, asset management) among several others. These business lines give it a unique competitive advantage in allocating funds across varied businesses and lower cost of capital. It can finance longer gestation businesses and withstand short-term earnings volatility while keeping in sight long-term goals and value creation.
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