In a major corporate restructuring move, the National Company Law Tribunal (NCLT) has approved the merger of Piramal Enterprises Ltd (PEL) with its wholly-owned subsidiary, Piramal Finance Ltd (PFL), effective September 10.
As part of the deal, Anand Piramal, son of Piramal Group chairman Ajay Piramal, has been appointed chairman of the merged entity, Piramal Finance.
The scheme of amalgamation envisages a one-to-one share swap, with shareholders of Piramal Enterprises getting equity shares in Piramal Finance in the same ratio.
A record date of September 23 has been set, from which trading in PEL shares will be suspended. Shareholders of PEL registered by that date will be allotted shares in the newly merged Piramal Finance.
Anand Piramal has been leading the financial services vertical of the group since joining in 2019, overseeing a shift from wholesale real-estate lending toward a broader technology-led non-banking finance business.
Among his key achievements is the ₹34,250 crore acquisition of the erstwhile DHFL (Dewan Housing Finance Ltd), a significant transaction under India’s Insolvency and Bankruptcy Code. Under his guidance, the legacy structured real-estate book has also been substantially reduced.
Jairam Sridharan will continue in his current role as managing director and chief executive officer of the merged Piramal Finance. Sridharan, formerly MD of the subsidiary, has been credited with scaling the retail business dramatically, growing branches and workforce, and expanding the assets under management.
Ajay Piramal, meanwhile, will retain the leadership role of Chairman of the broader Piramal Group, which encompasses Piramal Finance, Piramal Pharma, Piramal Realty, and the Piramal Foundation.
Swati Piramal will continue as Vice-Chairperson of the group. The merger thus consolidates the group’s financial services under a single entity, aimed at improving capital efficiency and operational simplicity.
Analysts see multiple strategic advantages to the merger. By folding Piramal Enterprises into Piramal Finance, the group expects gains in regulatory efficiency, reduced duplication, and a unified balance sheet for its financial services business.
The move also appears designed to sharpen focus on retail and MSME lending, geographic expansion, and leveraging technology platforms.
As of end-June 2025, Piramal Finance (formerly the non-banking finance arm, inclusive of its DHFL acquisition) had achieved a broad scale, with a rapidly growing retail and MSME portfolio, and a significantly reduced exposure to legacy real-estate stress. Capital adequacy remains healthy, and precision in risk-management has been a stated priority.
The merger marks one of the more notable transitions in India’s NBFC sector in recent years, combining legacy strength, regulatory change, and generational leadership handover in one package.
With Anand Piramal now steering the merged entity, the group signals a deeper shift toward unified financial services operations, underpinned by the leadership and vision that have driven recent growth.
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