The financial services business of the Piramal Group would achieve an asset size of Rs 15,000 crore in the next five years, Ajay Piramal, Chairman of the group informed.
The group plans to conduct three-four big-ticket structured transactions every year and strengthen the NBFC business, he said.
The company earlier formed PHL Finance in order to conduct lending business and it caters to the real estate and education sectors.
In order to foray into the banking sector, the group plans to apply for a licence from the Reserve Bank of India (RBI).
Banks are stretched and equity markets are virtually dead. Therefore, the company sees a great opportunity in providing funds to companies which undertake capital investments, Piramal said.
The company’s structured investment group has deployed Rs 550 crore in Hyderabad-based Navayuga Road Projects, and is in the process of investing another Rs 500 crore in IDFC backed Green Infra.
Pervez Umrigar, former Managing Director of Gammon Infrastructure, has recently joined as the co-CEO of the structured investment group. The company has hired a new team, with 20 people, and it would focus on the infrastructure sector.
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