Piramal Group that has presence in Pharma, real estate and glass, on Friday announced its foray into the financial services sector through two non-banking finance companies (NBFCs) and a private equity (PE) fund.
The NBFCs, named as Piramal Finance, would be a 100% subsidiary of Piramal Healthcare. The group that sold its domestic formulation business to Abbott for Rs 17,000 crore in 2010 would invest Rs 1,000 crore for setting up the NBFC initially.
"While one NBFC will focus on infrastructure lending the other would be for other sectors," said Ajay Piramal, chairman, Piramal Group. "The financial services sector in India is poised for a strong growth and we have a good understanding of this sector. We will have an edge over others in lending as we have sufficient funds."
The company also announced the acquisition of IndiaReit Fund advisors and IndiaReit Management for Rs 225 crore.