The Aditya Birla Group has announced that it will combine its textile, retail, fertiliser and financial arms as part of a push to put its capital to better use and expand.

Indian Rayon and Industries Ltd, Gulf Fertilisers Ltd and Birla Global Finance Ltd will merge to form a new business which will trade under the name Aditya Birla Nuvo Ltd.

The new company  is predicted to make more than $1 billion for this financial year.