Piramal Group

Piramal Group
TypePrivate
IndustryConglomerate
Founded1984 (1984)
HeadquartersMumbai, Maharashtra, India,
Area served
Worldwide
Key people
Services
Revenue ₹19,421 crore (US$2.0 billion) (FY25)
₹7,720 crore (US$810 million) (FY25)
₹576 crore (US$60 million) (FY25)
Subsidiaries
Websitewww.piramal.com

Piramal Group is an Indian multinational conglomerate headquartered in Mumbai, with operations in financial services, pharmaceuticals, and real estate. Ajay Piramal established the group in 1984 through the acquisition of Gujarat Glass Limited; the family had previously been in textiles. In 1988 the group entered healthcare through the purchase of Nicholas Laboratories' Indian operations.[1]

In September 2025, the parent company Piramal Enterprises Limited (PEL) completed a reverse merger into its subsidiary Piramal Finance Limited (formerly Piramal Capital & Housing Finance), which now functions as the group's primary listed financial services arm. The pharmaceutical division was listed separately as Piramal Pharma Limited in 2022.

As of 2026, the group operates in over 30 countries. Ajay Piramal chairs the group; Anand Piramal chairs Piramal Finance following the 2025 merger.[1]

History

From textiles to pharmaceuticals (1980–2010)

Ajay Piramal took over the group in the early 1980s after the deaths of his father Gopikishan and his brother Ashok.[1] The core business was textiles, run through Morarjee Mills. After the 1982 Great Bombay textile strike the group began diversifying and eventually sold its textile holdings.

The 1984 acquisition of Gujarat Glass Limited, a maker of glass packaging for pharmaceutical and cosmetic companies, was followed in 1988 by the purchase of Nicholas Laboratories' Indian subsidiary.[1] Further acquisitions followed: Roche Products (India) Ltd in 1993, which included a Vitamin-A manufacturing facility in Thane, and a controlling stake in Ceylon Glass Company Limited of Sri Lanka in 1999.[2] In June 2006, the group's UK subsidiary bought a Pfizer manufacturing plant in Morpeth, England.[3][4]

By the late 2000s the group had R&D partnerships with Merck[5][6] and Eli Lilly.[7][8] In May 2010, it sold its domestic formulations business to Abbott Laboratories for US$3.72 billion;[9][10] the same year it sold Piramal Diagnostic Services to Super Religare Laboratories.[11]

Expansion into lending and analytics (2011–2020)

Piramal Healthcare Limited was renamed Piramal Enterprises Limited in 2012. The group then directed capital into financial services, primarily real estate and corporate lending, and specialty healthcare.[12] Between 2011 and 2014 it held an 11% stake in Vodafone India.[13][14]

In 2012, PEL acquired Decision Resources Group, a healthcare analytics firm, later integrating the UK-based Abacus International.[15] That year the group also received a European CE mark for its bio-orthopaedic product BST-CarGel.[16] In 2013, the EMA's CHMP issued a positive recommendation for the radiopharmaceutical NeuraCeq,[17] and PEL acquired the Caladryl brand in India from Valeant Pharmaceuticals.[18] In December 2020, the group sold its glass packaging business to The Blackstone Group for approximately US$1 billion.

Restructuring as a listed lender (2021–present)

In September 2021, Piramal Capital & Housing Finance acquired Dewan Housing Finance Corporation (DHFL) for ₹34,250 crore, the first resolution of a financial services company under India's Insolvency and Bankruptcy Code.[19] In August 2022, the pharmaceutical division was spun off as the separately listed Piramal Pharma Limited.[20]

Reserve Bank of India regulations required "upper-layer" non-banking financial companies to be publicly listed by September 2025. To comply, the group merged Piramal Enterprises into its subsidiary Piramal Finance Limited on 16 September 2025.[21] The combined entity, focused on retail and wholesale lending, began trading on the NSE and BSE under the ticker PIRAMALFIN on 7 November 2025.[22]

Group companies

The Piramal Group comprises 3 key companies: Piramal Finance Ltd, Piramal Pharma Ltd and Piramal Realty. Piramal Enterprises and Piramal Pharma are listed at both Bombay Stock Exchange and National Stock Exchange.[23]

Piramal Finance

Piramal Finance Limited, earlier known as Piramal Enterprises, is the flagship company of Piramal Group and active in financial services. It is involved in retail lending, housing finance, and vehicle financing.

Earlier, named Piramal Enterprises, it had two main subsidiaries viz., Piramal Capital & Housing Finance (PCHFL) and PHL Fininvest.[24] It also holds minority stakes in Shriram Group companies.[25]

In 2021, Piramal acquired the bankrupt Dewan Housing Finance Corporation and merged it with PCHFL.[26] PCHFL's retail finance division provides microlending and buy now, pay later services on behalf of partner fintech companies like ZestMoney, Moneyview, EarlySalary, Navi Group and KreditBee, and is also engaged in vehicle financing for partner companies like CARS24, CarDekho and Spinny.[27] Apart from retail finance, it is also involved in corporate lending and real estate finance.[28]

Since 2016, Piramal Enterprises and Bain Capital Credit have been operating a partnership called India Resurgence Fund (IndiaRF), an investment fund for financially distressed Indian companies.[29] Piramal Capital Fund (PCF), a partnership between Piramal Enterprises and CDPQ that was started in 2020, provides corporate financing services.[30] Both IndiaRF and PCF are managed by Piramal Alternatives, an asset management company set up by Piramal Enterprises in 2021.[31]

In 2025, the Piramal Enterprises merged with its subsidiary named Piramal Finance, thus giving it the name. This merger helped the company become an NBFC

Piramal Pharma

Main article: Piramal Pharma

Piramal Pharma Limited is active in business verticals including pharmaceuticals, healthcare and life sciences. Its business divisions include Piramal Pharma Solutions, a contract development and manufacturing organization; Piramal Critical Care, a manufacturer of inhalational anesthetics and other hospital generics; and Piramal Consumer Products Division, an over-the-counter consumer healthcare products business.[32] Piramal Pharma Limited was demerged from Piramal Enterprises in 2022.[33]

Piramal Pharma's subsidiaries include Hemmo Pharmaceuticals[34] and Convergence Chemicals.[35] It also has a joint venture with Allergan in the ophthalmology products segment.[36]

Piramal Realty

Piramal Realty is a fully owned real estate venture of Piramal Group. The company is planning to develop about 30 million square feet through land acquisitions from its own sources. The group developed a mall in, Cross Roads, at South Mumbai.[37]

Piramal Foundation

The Piramal Foundation is a private philanthropic foundation established in 2006. Piramal Foundation has undertaken projects like Piramal Swasthya[38] (a health information help line service called Arogya Vani in the state of Karnataka), Sarvajal[39] (provides clean water in India through solar powered water ATMs), source for change[40] (rural BPO for rural youth in Bagar, Rajasthan), Pratham[41] (delivers education to under privileged children), Piramal foundation for education leadership (Piramal Fellowship and Principal Leadership Development program (PLDP) are the two programs undertaken) and Piramal Prize[42] (recognizes emerging ventures and established organizations).

See also

References

  1. ^ a b c d Arun, M. G. (25 December 2020). "Many thought I was a kid when I bought Nicholas Labs for Rs 16.5 crore, what would I know: Ajay Piramal". India Today. Retrieved 2 June 2026.
  2. ^ "Piramal – The leader in the manufacture of pharmaceuticals and glass containers". Archived from the original on 26 October 2020. Retrieved 12 October 2020.
  3. ^ "Nicholas Piramal to buy Pfizer's Morpeth, UK facility". Business Standard. 15 June 2006. Archived from the original on 5 March 2016. Retrieved 3 September 2013.
  4. ^ "Nicholas Piramal to buy Pfizer's UK unit". The Times of India. 15 June 2006.{{cite news}}: CS1 maint: deprecated archival service (link)
  5. ^ "Nicholas Piramal, Merck in new drug discovery JV". Economic Times. 19 November 2007. Archived from the original on 5 March 2016.
  6. ^ "Nicholas Piramal, Merck enter R&D collaboration". Indian Express. 19 November 2007.
  7. ^ "Nicholas Piramal arm signs 2nd drug development deal with Eli Lilly". Economic Times. 15 February 2008. Archived from the original on 5 March 2016.
  8. ^ "Nicholas Piramal, Eli Lilly in drug development deal". Financial Express. 13 January 2007.
  9. ^ "Abbott acquires Piramal's healthcare unit". Economic Times. 21 May 2010. Archived from the original on 4 March 2011.
  10. ^ "The most Expensive Pharma Deal ever". Forbes India. 7 June 2010. Archived from the original on 28 August 2013. Retrieved 3 September 2013.
  11. ^ "Piramal Healthcare completes sale of diagnostics arm to SRL". Business Standard India. 21 August 2010. Archived from the original on 19 December 2022. Retrieved 19 December 2022.
  12. ^ https://www.piramalrealty.com/ Archived 14 December 2020 at the Wayback Machine Piramal Realty
  13. ^ "Piramal hikes stake to 11% in Vodafone India unit". The Financial Express. 5 February 2012. Archived from the original on 13 April 2014. Retrieved 17 September 2013.
  14. ^ "Piramal Group to sell Vodafone India stake for Rs. 8900 crore". IANS. news.biharprabha.com. Archived from the original on 12 April 2014. Retrieved 10 April 2014.
  15. ^ "Piramal Enterprises to sell analytics unit Decision Resources Group for $950 mn". VCCircle. Retrieved 2 June 2026.
  16. ^ "CHMP recommends EU approval of Piramal Imaging's NeuraCeq". IIFL. 21 December 2013. Archived from the original on 8 January 2014. Retrieved 8 January 2014.
  17. ^ Librizzi, Damiano; Cabanel, Nicole; Zavorotnyy, Maxim; Riehl, Elisabeth; Kircher, Tilo; Luster, Markus; Hooshyar Yousefi, Behrooz (26 February 2021). "Clinical Relevance of [18F]Florbetaben and [18F]FDG PET/CT Imaging on the Management of Patients with Dementia". Molecules (Basel, Switzerland). 26 (5): 1282. doi:10.3390/molecules26051282. ISSN 1420-3049. PMC 7956266. PMID 33652938.
  18. ^ "Piramal Enterprises acquires brand Caladryl in India". Times Of India. 1 November 2013. Archived from the original on 7 November 2013. Retrieved 7 January 2014.
  19. ^ Mishra, Lalatendu (29 September 2021). "Piramal group acquires DHFL, pays ₹14,700 crore in cash". The Hindu. ISSN 0971-751X. Retrieved 2 June 2026.
  20. ^ Jayakumar, P. B. (29 September 2021). "Piramal enters affordable housing with ₹34,250 cr DHFL buy". Fortune India. Retrieved 2 June 2026.
  21. ^ www.ETBFSI.com. "Merger of Piramal Enterprises with Piramal Finance to conclude by September: Chairman". ETBFSI.com. Retrieved 2 June 2026.
  22. ^ "Blackstone to buy Piramal Glass for $1 billion". The Hindu Business Line. 11 December 2020. Archived from the original on 13 November 2022. Retrieved 16 November 2022.
  23. ^ "Piramal Enterprises Yearly Results, Financial summary, Piramal Enterprises Yearly Earnings – The Economic Times". economictimes.indiatimes.com. Archived from the original on 14 October 2019. Retrieved 28 June 2019.
  24. ^ "PHL Fininvest Private Limited". ICRA. Archived from the original on 16 November 2022. Retrieved 16 November 2022.
  25. ^ Karthik, Hamsini (4 September 2022). "Eyeing bank license, Piramal firms up on exiting Shriram group". The Hindu Businessline. Archived from the original on 16 November 2022. Retrieved 16 November 2022.
  26. ^ "Piramal pays lenders for DHFL acquisition". The Hindu Business Line. Archived from the original on 27 November 2022. Retrieved 6 September 2022.
  27. ^ "Lending Partners". Piramal Finance. Archived from the original on 16 November 2022. Retrieved 16 November 2022.
  28. ^ "Piramal Enterprises posts net loss of Rs 1,536 cr on higher provisions". Business Standard. Archived from the original on 14 November 2022. Retrieved 16 November 2022.
  29. ^ "Ajay Piramal ties up with Bain Capital for a $750 mn-$1 bn distressed debt fund". The Economic Times. Archived from the original on 17 November 2022. Retrieved 17 November 2022.
  30. ^ Nandy, Madhurima (6 February 2020). "Piramal, CDPQ form $300-mn credit vehicle". mint. Archived from the original on 3 October 2022. Retrieved 17 November 2022.
  31. ^ "Piramal Enterprises sets up AMC with assets worth Rs 11,000 crore". Business Standard. Archived from the original on 17 November 2022. Retrieved 17 November 2022.
  32. ^ "Ajay Piramal begins 2nd innings in pharma". Fortune. Archived from the original on 16 November 2022. Retrieved 16 November 2022.
  33. ^ Narayanan, K. S. Badri (30 August 2022). "Piramal NBFC arm lists after demerger". www.thehindubusinessline.com. Archived from the original on 8 September 2022. Retrieved 6 September 2022.
  34. ^ "Piramal Pharma completes acquisition of Hemmo Pharmaceuticals". The Economic Times. Archived from the original on 17 November 2022. Retrieved 17 November 2022.
  35. ^ "Piramal Enterprises climbs 2.5% after subsidiary completes full acquisition of Convergence Chemicals". India Infoline. Archived from the original on 17 November 2022. Retrieved 17 November 2022.
  36. ^ "Allergan-Piramal JV plant to manufacture ophthalmic bulk drugs". Pharmabiz. Retrieved 17 November 2022.
  37. ^ "Piramal Realty a company of Piramal Group, Introduces Welltech Homes in Byculla Mumbai". Rashtranews.com. 17 February 2022. Archived from the original on 18 February 2022. Retrieved 18 February 2022.
  38. ^ "Piramal Foundation's project to provide telemedicine solution in Maharashtra". The Times of India. 15 March 2013. Archived from the original on 2 December 2013.
  39. ^ "Let's drink to that". Business Today. 19 August 2012. Archived from the original on 8 August 2013. Retrieved 4 September 2013.
  40. ^ "Source For Change: India's 1st All Women Rural BPO". The Better India. 13 September 2010. Archived from the original on 17 August 2013. Retrieved 22 August 2013.
  41. ^ "Citi, Pratham Foundation to build job skills in youth". Business Line. 21 September 2012. Archived from the original on 27 April 2014. Retrieved 4 September 2013.
  42. ^ "Piramal Prize — Help Democratize Healthcare". Think Change India. 25 February 2008. Archived from the original on 28 July 2013. Retrieved 4 September 2013.
This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.