Piramal Group

From textiles to pharmaceuticals (1980–2010)

Ajay Piramal took over the group in the early 1980s after the deaths of his father Gopikishan and his brother Ashok.^[1] The core business was textiles, run through Morarjee Mills. After the 1982 Great Bombay textile strike the group began diversifying and eventually sold its textile holdings.

The 1984 acquisition of Gujarat Glass Limited, a maker of glass packaging for pharmaceutical and cosmetic companies, was followed in 1988 by the purchase of Nicholas Laboratories' Indian subsidiary.^[1] Further acquisitions followed: Roche Products (India) Ltd in 1993, which included a Vitamin-A manufacturing facility in Thane, and a controlling stake in Ceylon Glass Company Limited of Sri Lanka in 1999.^[2] In June 2006, the group's UK subsidiary bought a Pfizer manufacturing plant in Morpeth, England.^[3][4]

By the late 2000s the group had R&D partnerships with Merck^[5][6] and Eli Lilly.^[7][8] In May 2010, it sold its domestic formulations business to Abbott Laboratories for US$3.72 billion;^[9][10] the same year it sold Piramal Diagnostic Services to Super Religare Laboratories.^[11]

Expansion into lending and analytics (2011–2020)

Piramal Healthcare Limited was renamed Piramal Enterprises Limited in 2012. The group then directed capital into financial services, primarily real estate and corporate lending, and specialty healthcare.^[12] Between 2011 and 2014 it held an 11% stake in Vodafone India.^[13][14]

In 2012, PEL acquired Decision Resources Group, a healthcare analytics firm, later integrating the UK-based Abacus International.^[15] That year the group also received a European CE mark for its bio-orthopaedic product BST-CarGel.^[16] In 2013, the EMA's CHMP issued a positive recommendation for the radiopharmaceutical NeuraCeq,^[17] and PEL acquired the Caladryl brand in India from Valeant Pharmaceuticals.^[18] In December 2020, the group sold its glass packaging business to The Blackstone Group for approximately US$1 billion.

Restructuring as a listed lender (2021–present)

In September 2021, Piramal Capital & Housing Finance acquired Dewan Housing Finance Corporation (DHFL) for ₹34,250 crore, the first resolution of a financial services company under India's Insolvency and Bankruptcy Code.^[19] In August 2022, the pharmaceutical division was spun off as the separately listed Piramal Pharma Limited.^[20]

Reserve Bank of India regulations required "upper-layer" non-banking financial companies to be publicly listed by September 2025. To comply, the group merged Piramal Enterprises into its subsidiary Piramal Finance Limited on 16 September 2025.^[21] The combined entity, focused on retail and wholesale lending, began trading on the NSE and BSE under the ticker PIRAMALFIN on 7 November 2025.^[22]

Piramal Finance

Piramal Finance Limited, earlier known as Piramal Enterprises, is the flagship company of Piramal Group and active in financial services. It is involved in retail lending, housing finance, and vehicle financing.

Earlier, named Piramal Enterprises, it had two main subsidiaries viz., Piramal Capital & Housing Finance (PCHFL) and PHL Fininvest.^[24] It also holds minority stakes in Shriram Group companies.^[25]

In 2021, Piramal acquired the bankrupt Dewan Housing Finance Corporation and merged it with PCHFL.^[26] PCHFL's retail finance division provides microlending and buy now, pay later services on behalf of partner fintech companies like ZestMoney, Moneyview, EarlySalary, Navi Group and KreditBee, and is also engaged in vehicle financing for partner companies like CARS24, CarDekho and Spinny.^[27] Apart from retail finance, it is also involved in corporate lending and real estate finance.^[28]

Since 2016, Piramal Enterprises and Bain Capital Credit have been operating a partnership called India Resurgence Fund (IndiaRF), an investment fund for financially distressed Indian companies.^[29] Piramal Capital Fund (PCF), a partnership between Piramal Enterprises and CDPQ that was started in 2020, provides corporate financing services.^[30] Both IndiaRF and PCF are managed by Piramal Alternatives, an asset management company set up by Piramal Enterprises in 2021.^[31]

In 2025, the Piramal Enterprises merged with its subsidiary named Piramal Finance, thus giving it the name. This merger helped the company become an NBFC

Piramal Pharma

Piramal Pharma Limited is active in business verticals including pharmaceuticals, healthcare and life sciences. Its business divisions include Piramal Pharma Solutions, a contract development and manufacturing organization; Piramal Critical Care, a manufacturer of inhalational anesthetics and other hospital generics; and Piramal Consumer Products Division, an over-the-counter consumer healthcare products business.^[32] Piramal Pharma Limited was demerged from Piramal Enterprises in 2022.^[33]

Piramal Pharma's subsidiaries include Hemmo Pharmaceuticals^[34] and Convergence Chemicals.^[35] It also has a joint venture with Allergan in the ophthalmology products segment.^[36]

Piramal Realty

Piramal Realty is a fully owned real estate venture of Piramal Group. The company is planning to develop about 30 million square feet through land acquisitions from its own sources. The group developed a mall in, Cross Roads, at South Mumbai.^[37]