From left, Ajay Piramal, chairman, Piramal Group; Rajesh Laddha, executive director & group chief financial officer, Piramal Enterprises Ltd.; Khushru Jijina, managing director, Piramal Capital & Housing Finance Limited; Jairam Sridharan, CEO, Piramal Retail Finance

Synopsis

Piramal Group’s DHFL acquisition is a combination of Ajay Piramal’s aspiration to build a decent-scale financial-services business and the management’s perseverance through the bidding war. Analysts say there is adequate upside potential in the deal. But, like always, there are an equal number of challenges. The street will closely watch this two-time bank-licence aspirant get his act together.

It was in 2018 when the unthinkable hit India’s financial-services sector. The mighty Infrastructure Leasing and Financial Services (IL&FS) collapsed, and with it, the entire non-banking financial services space crumbled. While the first to fall was Dewan Housing Finance Corporation Limited or DHFL, India’s poster-boy industrialist Ajay Piramal too was facing difficult times. His home-grown Piramal Capital and Housing Finance (PCHF) couldn’t

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Jul 7, 2021, 12:01 AM IST

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