Piramal Enterprises board approves to demerge and list pharma business

The demerger will give potential investors the option of being associated with the business of their choice

A decade after selling its branded formulations business to US-major Abbott Laboratories for $3.72 billion, the Ajay Piramal group has announced it would demerge its pharmaceutical and financial services arms into separate listed entities.

With an FY21 turnover of Rs 5,776 crore, Piramal Pharma will rank among the top 10 pharma companies in the country by revenue.

Piramal Pharma, however, draws around 15 per cent of its revenues from India, and the bulk of its business (48 per cent) comes from North America. The pharma business contributes 45 per cent to the group turnover with the remaining coming from the financial services