AJAY PIRAMAL has built a reputation of a shrewd businessman who can spot an opportunity before anyone else. Acquiring assets at relatively low valuations, the Chairman of the Piramal Group is known to build a business and then sell а it at a handsome profit. He has done this time and again, and is called the "takeover man” with awe and respect. In the 1980s, he bought a fledgeling operation in the pharmaceuticals space, which he grew for the next three decades before selling out to US drug maker Abbott Laboratories for $3.72 billion in 2010. As Piramal looks to recreate some of that pharmaceuticals magic topped up with financial services now as well as real estate, there is considerable interest in what he is doing. In an interview with BT, he outlines his plans for the pharmaceuticals and financial services businesses, and his M&A recipe. Edited excerpts:
What led to your interest in financial services?
Once we sold the domestic formulations business in 2010 to Abbott, we took a look at the landscape. The economy was growing, and with it the lending business too. Taking inflation into consideration, it was obvious that a 15-17 percent growth each year was not impossible. We already had some experience of the lending business and real estate as well.
This story is from the May 29, 2022 edition of Business Today.
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This story is from the May 29, 2022 edition of Business Today.
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