Piramal scouts for acquisitions abroad

The Ajay Piramal-led Piramal Group has said it plans to make acquisitions in India and abroad in the healthcare and defence sectors.

Earlier this year, the diversified Indian conglomerate had acquired Massachusetts-based healthcare information provider Decision Resources Group for $635 million. The company was actively looking for foreign and Indian acquisitions after selling its healthcare business to Abbott Laboratories in May 2010 for $3.72 billion. “We have already gone for some acquisitions using that money. But still believe that there are opportunities in India and abroad — specially in healthcare and defence,” said Piramal. However, he did not specify the countries where he was looking. He was speaking on the sidelines of an ICC Ladies Study Group meet here. The group has made it clear that it will not be looking outside Mumbai as far as its real estate business is concerned, because the city is its ‘stronghold’.

The firm had also bought 5.5 per cent stake in Vodafone India for more than Rs 3,000 crore early this year, raising its share in the telecom major to 11 per cent with a total investment of about Rs 5900 crore.

When asked whether it would offload stake in Vodafone, he said, “It was a short-term arrangement. We would offload the stake, as and when time comes.”