ditya Birla Nuvo, with interest in telecom, BPO, garments and insurance, has dipped deeper into the red on the back of high expenses incurred by the insurance business, expansion of cellular operations, cancellation of export orders in the garment segment and shutting down of some non-profitable BPO sites abroad. Mr Ajay Srinivasan, Chief Executive, Financial Services, Aditya Birla Nuvo, said as long as the new premium income grows, the insurance business would be under strain. “For instance, for every Rs 100 we get as premium income (new insurance sold), we have to provide Rs 40 as commission to agents,” he said. The new business premium income from insurance in the fourth quarter was Rs 1,200 crore, while for the full year it was Rs 2,950 crore, he added. Operations in place The BPO business revenue was down 10 per cent at Rs 387 crore (Rs 428 crore) due to three sites in the US being shut down. The company intends to add 400 seats to increase its domestic BPO capacity to 1,000 seats...
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