New Delhi: Piramal Enterprises is looking for other acquisitions to develop its financial services division even as it aims to increase its assets under management (AUM) by a mid-to-high teens growth rate. Additionally, it will continue to profit from its stakes in the shriram Group at a “appropriate time”.
“We will continue to explore lucrative inorganic opportunities, ensuring value creation for all stakeholders and stay on our stated path of implementing renewed strategies to drive sustainable growth,” Ajay Piramal, chairman of the Piramal Group, stated at the corporation’s annual general meeting. However, he did not detail the company’s acquisition tactics.
By developing a fresh, detailed real estate and corporate mid-market lending book, Piramal Enterprises will expand its wholesale operations. Its total AUM, which was split 50:50 between retail and wholesale, was Rs 63989 crore. At Rs 32144 crore as of March 31, its retail loan book has increased by 49% year over year.
“We continue to own stakes in Shriram General Insurance, Shriram Life Insurance and Shriram Investment Holdings. We will consider monetization of some of these investments at an appropriate time,” Piramal added.
After integrating DHFL, Piramal Enterprises now has a platform that covers all of India. In a September 2021 transaction of Rs 34,250 crore, the business bought DHFL. Additionally, in the second quarter of FY23, the corporation finished demerging its pharmaceutical division.
