Ajay Piramal-controlled Piramal Healthcare Ltd (PHL) on Friday said it has earmarked Rs 1,000 crore investment for entry into the financial services sector and has plans to start a non-banking finance company (NBFC).It announced the acquisition of Indiareit Fund Advisors Pvt and Indiareit Investment Management Company for Rs 225 crore.
In view of strong growth opportunities, we plan to invest Rs 1,000-crore in the financial service sector. We have plans to enter into the financial services business, including lending and fund management for real estate and infrastructure sectors," Piramal Group Chairman Ajay Piramal told reporters here.Piramal said Rs 24,000 crore is available to be invested in the business pool.Last year Piramal Healthcare's domestic formulations business was sold to Abbott Laboratories for USD 3.72 billion. It also sold its diagnostic services business to Super Religare Laboratories--owned by Malvinder and Shivinder Singh who control Fortis Healthcare (India)--for Rs 600 crore.
Towards building a strong financial services business, PHL plans to acquire Indiareit Fund Advisors, a real estate private equity fund-focused on the Indian market, for Rs 110- crore, Piramal said.
It will also acquire Indiareit Investment Management Company, who are managers to Real Estate Private Equity Funds investing in India, for Rs 115 crore.