Diversified conglomerate Aditya Birla Nuvo will acquire 56 per cent stake in retail broking firm Apollo Sindhoori Capital Investments for a consideration of Rs 198.8 crore, a move that will strengthen the financial services segment of the group.

"The strategic intent of this agreement is to position Aditya Birla Financial Services group as a broad-based and integrated player in the financial services business," Aditya Birla Group Chief Executive, Financial Services, Ajay Srinivasan said.

Aditya Birla Nuvo today entered into an agreement in this regard with Apollo Sindhoori Capital Investments Ltd (ASCIL), the company said in a filing to the Bombay Stock Exchange, adding that the move will further strengthen the position of the financial services group as a manufacturer and distributor of value added financial products.

"ASCIL offers us a well established platform with a capable team that will integrate well into our existing business and further strengthen our presence in the financial services space," the statement added.

The Aditya Birla group has presence across financial services verticals that include life insurance, fund management, distribution and wealth management, security-based lending, insurance broking and private equity.