Piramal Healthcare is set to become Piramal Enterprises, to reflect the change in its business profile.
The rechristening comes four years after Nicholas Piramal became Piramal Healthcare.
The Piramal Healthcare Chairman, Mr Ajay Piramal, told shareholders, on Thursday, that the company was sitting on funds after it sold its domestic medicines business to Abbott for Rs 17,000 crore in 2010.
Subsequently, they forayed into financial services and even picked up equity in Vodafone, as a short-term investment. The name change was to reflect the changing profile of the company, since it was no longer confined to healthcare and pharmaceuticals.
The company had also said in its notice to shareholders that the Registrar of Companies, Maharashtra, (Mumbai) had in a recent letter made this name available to the company.
Meanwhile, the former company known as Piramal Enterprises is now called Piramal Corporate Services, company officials told Business Line , adding that it had nothing to do with Piramal Healthcare.