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Piramal Finance, a subsidiary of Piramal Enterprises, said it plans to foray into housing finance business.
In line with the company’s growth plans, Piramal Finance will now make an application to the National Housing Bank for incorporating a housing finance company. Piramal Finance is part of Ajay Piramal-led Piramal Enterprises. The Piramal group already has presence in real estate, private equity, structured investments in infrastructure/education, and portfolio investments.
₹17,000-cr deal
In 2010, the group divested its large drug formulations business in a ₹17,000-crore deal with US drugmaker Abbott Laboratories.
Last year, Piramal had demerged its finance business into a separate listed entity.
The Piramal Finance arm consists of wholesale lending, alternate assets under management, and investments in Shriram Group.
It has close to 20 per cent stake in Shriram Capital, the holding company of Shriram Group.
Piramal also has investments in Shriram City Union Finance and Shriram Transport Finance Company.
Piramal’s housing finance business will compete with Shriram Housing Finance, a Shriram Group company.
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