NCLT okays PEL-PFL merger; Anand Piramal to Chair Piramal Finance; Ajay Piramal to continue to Chair Piramal Group

Anand Piramal

The NCLT has approved the merger of Piramal Enterprises Limited (PEL) with its wholly-owned subsidiary, Piramal Finance Limited (PFL) on September 10, 2025, said Piramal Finance in a statement on September 24.

The merger marks the creation of a stronger and more integrated financial services company under the Piramal brand.

As part of the merger process, September 23 had been fixed as the record date for the allotment of shares. From this date, trading in PEL securities will cease. Shareholders of PEL, whose names appear in the register on the record date, will receive equity shares of Piramal Finance in a 1:1 ratio.

"Anand Piramal will assume the role of Chairman of Piramal Finance. Ajay Piramal will continue to chair the Piramal Group (comprising Piramal Finance, Piramal Pharma, Piramal Realty, and Piramal Foundation), providing strategic vision and oversight across businesses. Swati Piramal will continue to serve as Vice Chairperson of the Group," said the company.

Anand Piramal holds an Economics degree from the University of Pennsylvania and an MBA from Harvard Business School. He has been recognised in the Economic Times and Fortune India 40 Under 40 lists, and received the Hurun Real Estate Unicorn of the Year Award.

PEL reported robust Q1FY26 results with consolidated AUM reaching Rs 77,572 crore, up 22% YoY. Net profit surged 52% YoY to Rs 276 crore, while total income rose 27% to Rs 1,237 crore.

Jairam Sridharan to Lead as MD & CEO

Jairam Sridharan, previously MD of the subsidiary, will serve as the MD & CEO of the merged Piramal Finance. During his tenure, the Retail business grew from a Rs 5,300 crore book to nearly Rs 72,000 crore in four years, with branches expanding from 14 to 517 and employees from 1,500 to over 15,500. An alumnus of IIT Delhi and IIM Calcutta, Jairam was previously CFO of Axis Bank and held leadership roles at Capital One USA and ICICI Bank.