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Ajay Piramal says will use proceeds of DRG sale to grow financial services biz

"In the NBFC (Non-banking Finance Company) space, many of the NBFCs have actually stopped lending or reduced their lending and therefore this gives us an opportunity to grow organically " said Ajay Piramal.

January 17, 2020 / 22:00 IST
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Ajay Piramal, Chairman of Piramal Group said he plans to utilise capital raised from the sale of healthcare analytics subsidiary and rights issue for growth opportunities in the financial services business.

Piramal told Moneycontrol that he would also look at opportunities that could come in for inorganic growth.

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Piramal Enterprises on January 17 said it had signed a definitive agreement for the sale of healthcare insights and analytics subsidiary Decision Resources Group (DRG) to US-based Clarivate Analytics for a sale consideration of $950 million.

Piramal will receive $900 million on closing of the deal and $50 million to be received at the end of 12 months from the date of closing.