Piramal Enterprises has received an approval to down-sell a part of the company’s lending portfolio, forming part of its financial services business, to its wholly owned subsidiary Piramal Finance, for a net consideration of Rs 1,450 crore.
The empowered Committee of Directors at its meeting held on September 20, 2016 has approved for the same. The relevant agreements to give effect to this would be executed and the proposal is expected to be completed by end-October 2016.
Piramal Enterprises (PEL) is engaged in the business of pharmaceuticals, including research and development, financial services and information management through its subsidiaries.
