Aditya Birla Group to merge all retail businesses to create one

listed company

Kumar Mangalam Birla has embarked on a large plan to restructure the retail business of the
group and create one listed behemoth for this vertical. KM Birla aims to de-merge Fashion &
Lifestyle vertical from Aditya Birla Nuvo and create a retail umbrella company led by
Madura Garments. Madura Garments, Pantaloon Fashion & Retail, Jayashree and More are
likely to be merged as part of the process.

This de-merger and merger will result in complete change in the compensation structure of
the employees. A common compensation structure will be formed for the vertical.
After the merger the compensation structure for Madura Garments, Pantaloon Fashion &
Retail, Jayashree and More will likely to be same.
This merger will lead to a sense on discontent among the employees regarding the pay
structure.