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ICICI Securities Report
Grasim Industries Ltd. has announced its foray into business-to-business e-commerce platform for building materials procurement with an investment of Rs 20 billion over the next five years.
The platform will primarily focus on micro, small and medium enterprises in the building materials segment (cement, steel, tiles, paints etc.) with the potential to further extend to other relevant categories (chemicals etc.) and leverage the large B2B ecosystem within Aditya Birla Group.
Management indicated it zeroed down to this venture as it believes this business will be highly scalable with proven path to profitability, besides being relatively asset-light and -accretive.
With Grasim continuing to incubate high-growth businesses (along with recent foray into paints) with attractive long-term internal rate of returns, holdco discount may narrow in the medium term, in our view.
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