Piramal Enterprises has entered into a Joint Venture Agreement (JVA) with Bain Capital Credit India Investments, whereby the company proposes to transfer 50% equity shares held in Piramal Assets Reconstruction (PARPL), a wholly owned subsidiary of the company, to Bain Capital Credit India Investments.
On completion of transfer of equity shares, PARPL proposes to apply to RBI for registration to carry on asset reconstruction business. Pursuant to this, PARPL shall cease to be a subsidiary of the company.
Piramal Enterprises is one of the leading players globally in CRAMS (custom research and manufacturing services) as well as in the critical care segment of inhalation and injectable anaesthetics. It also has a strong presence in the OTC segment in India.
