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Piramal Enterprises to stay away from future investment in AIFS
Mint Mumbai
|January 30, 2024
Piramal Enterprises will stay away from alternate investment funds (AIFs) after the non-bank lender took a provision hit, resulting in a consolidated loss of 32,377.59 crore during the December quarter. In the corresponding quarter last year, the NBFC had posted a net profit of ₹3,545.4 crore.
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In a post-earnings call on Monday, the management said that the company has written down its total investment in the AIFs and made provisions worth 13,540 crore against this. Both Piramal Enterprises and Piramal Capital & Housing Finance Ltd (PCHFL) have AIF exposure in two schemes.
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