The proposed demerger of the health care business of Piramal Enterprises Ltd is expected to be completed by December as billionaire Ajay Piramal seeks to simplify his group’s corporate structure and unlock value for shareholders.
“The process of demerger is underway. We expect, with all regulatory approvals, to be done somewhere in the October to December 2022 quarter,” said Chairman Piramal. bloomberg tv Friday. He said reducing dependence on China for pharmaceutical ingredients was a “major challenge” and would take a few years, despite the federal government’s policy push toward exceeding that dependency to avoid future supply chain disruptions.
Financial services within Piramal Enterprises – the other core business within the company – could see “secular growth” of 15%, as long as the underlying Indian economy remains strong, he said. When asked about the succession planning group, Piramal said his daughter Nandini was already looking after the health care business, while his son Anand was in charge of financial services and the unlisted realty unit.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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