Grasim Industries has received an approval from the Reserve Bank of India to raise foreign shareholding to 49 per cent from the existing limit of 30 per cent under the portfolio investment scheme (PIS). The company has passed necessary resolution at the board of directors` level and also a special resolution by its general body to increase FIIs/FPIs` investment limit to 49 per cent.
Grasim Industries is the flagship company of the Aditya Birla Group. Starting as a textiles manufacturer in 1948, today Grasims businesses comprise viscose staple fibre (VSF), cement, chemicals and textiles. Its core businesses are VSF and cement, which contribute to over 90% of its revenues and operating profits.