Thread by @BiIndia

#EXCLUSIVE: @PiramalGroup is ready for acquisitions in both pharma and financial services - by @navdeepyadav321

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The post-lockdown boom in the Indian pharma and financial sector has caught the eyes of Indian billionaire industrialist and @PiramalGroup chairman Ajay Piramal, who is now looking to expand the business across these segments.

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Speaking at the Business Insider Global Trends Festival 2020, the chairman of the diversified global business conglomerate revealed its plans to grow the pharmaceutical and the financial services business organically as well as by acquisitions.

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Piramal added that the company has capital worth ₹35,000 crore ($4.75 billion) on its side and is now looking for a global partner to accelerate its growth.

@PiramalGroup #BIGTF2020

A global partner to be with us— they can be on our side, and we can accelerate this growth rate—the real opportunities for organic growth as well as through acquisitions. We want to take advantage of that.”

@PiramalGroup #BIGTF2020

“Today if I look at it on our overall consolidated basis that capital we have is around ₹35000 crores and our debt is going to be less than that even today,”

@PiramalGroup #BIGTF2020

Karnataka Chief Minister B.S. Yediyurappa (@BSYBJP) also revealed earlier that the @PiramalGroup expressed its keen interest to invest in the pharma sector in the state during a virtual meeting with Yediyurappa, last week.

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He further highlighted that the 2018 IL&FS crisis and other business incidents that took place after that were alarming for the company, and that’s when it decided to cut down on debt.

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The company share price also reveals similar investors optimism. The shares have gained over 41% since the beginning of the financial year in March.

@PiramalGroup #BIGTF2020