NCLT Clears Piramal Enterprises–Piramal Finance Merger; Anand Piramal to Chair Finance Arm

26 Sep 2025 , 10:14 AM

The National Company Law Tribunal (NCLT) has cleared the merger of Piramal Enterprises Ltd (PEL) with its wholly owned subsidiary, Piramal Finance Ltd (PFL), marking a key step in the group’s restructuring strategy.

Following the merger, Anand Piramal will take over as Chairman of Piramal Finance, while Ajay Piramal will continue as Chairman of the broader Piramal Group, which spans finance, pharmaceuticals, real estate and philanthropy. Vice Chairperson Swati Piramal will also retain her position.

Since joining the group in 2019, Anand has steered Piramal’s transition from a wholesale real estate lender into a diversified non-banking finance company. He also played a pivotal role in the landmark ₹34,250 crore ($4.1 billion) acquisition of Dewan Housing Finance Corporation Ltd (DHFL), the largest resolution under India’s bankruptcy framework.

Under his leadership, Piramal Finance has delivered robust growth, with retail and wholesale lending businesses expanding at a compound annual rate of over 50% in the past three years. Its assets under management have climbed to around ₹89,000 crore, while the company has sharply reduced its legacy real estate exposure to below ₹5,900 crore from ₹43,500 crore in 2022.

The merged entity will be led by Jairam Sridharan as Managing Director and Chief Executive Officer. Sridharan, an alumnus of IIT Delhi and IIM Calcutta and a former CFO of Axis Bank, has been instrumental in scaling Piramal Finance’s retail lending book to nearly ₹72,000 crore from ₹5,300 crore within four years. During this period, the lender’s physical footprint expanded to 517 branches from just 14.

Piramal Finance is now among India’s leading affordable housing lenders, with a customer base of more than 5 million across 26 states. Its product portfolio spans home, personal, business, used car and construction loans, with a strong focus on semi-urban and rural markets.

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