Piramal Enterprises Denies Demerging Pharmaceutical, Finance Divisions

Piramal Enterprises dismissed news reports in an exchange filing which said the company has confirmed a plan to demerge its financial services and pharmaceutical arms and list them in the stock markets. The company in the filing said that there is no such plan being implemented by them and it is factually incorrect. The demerger, according to the report, was expected to be completed this financial year and that Piramal Enterprises will become the holding company of the smaller businesses apart from controlling a sizable chunk in the two proposed entities to be listed. Piramal Group’s head Ajay Piramal’s son, Anand, is likely to head the realty and financial services business, while daughter Nandini is expected to lead the pharmaceutical business. Piramal himself will look after the group holding company, the report had also mentioned. – CNBC-TV18