Piramal Enterprises restructures business into financial services and pharma

The Board of Directors of Piramal Enterprises (PEL) in their meeting held today, approved a composite scheme of arrangement providing for the demerger of the pharmaceuticals business from PEL and simplification of the corporate structure to create two industry-focused listed entities in Financial Services and Pharmaceuticals.

The pharmaceuticals business will get vertically demerged from Piramal Enterprises and consolidated under Piramal Pharma. Post the demerger, Piramal Pharma will become one of the large pharma companies listed on NSE and BSE. Two operating subsidiaries (wholly-owned by Piramal Pharma Limited) will also be amalgamated with Piramal Pharma, to further simplify the Pharma corporate structure.

PHL Fininvest , the non-banking financial company (NBFC) will be amalgamated with Piramal Enterprises to create a large listed NBFC. The merged Housing Finance company, post the DHFL acquisition, will remain a wholly-owned subsidiary of Piramal Enterprises.

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