With a kitty of Rs 24,000 crore at its disposal, PHL would start two non-banking finance companies (NBFC), for lending to the infrastructure sector and another to cater to other sectors. The NBFCs will be under Piramal Finance Ltd, a 100 per cent subsidiary of PHL, and will have a combined initial corpus of Rs 1,000 crore. While the infrastructure NBFC awaits the Reserve Bank of India's clearance, the other has got regulatory clearance. PHL would also get into fund management for the real estate and infrastructure sector. Looking to offer a bouquet of financial services, PHL also announced the acquisition of Indiareit Fund Advisors Pvt Ltd and Indiareit Investment Management at Rs 225 crores, and the total funds managed by them is Rs 3,800 crore.
PHL's board also decided to merge with itself, the demerged innovative research business of Piramal Life Sciences (PLS). The move brings into PHL, 346 people and 77 global patents filed by PLS. The process would be complete in six months, but would become effective from April 1.
Company Name | CMP |
---|---|
Bajaj Finance | 6906.20 |
Shriram Finance | 2892.00 |
Aditya Birla Capital | 187.25 |
SBI Cards AndPayment | 693.65 |
Mah & Mah Finl. Serv | 266.70 |
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