Piramal Enterprises’ financial service arm which deals in wholesale and corporate debt is raising ₹7,000 crores from Japan-based holding conglomerate Softbank. The deal is in its final stage and yet to be approved by the Board of Piramal Group. If the deal goes well, the financial arm of the Piramal Group will not remain a subsidiary of the firm, according to a Business Standard report.
Softbank and Piramal, both have planned to launch a fintech platform to facilitate loans across the board. The deal is expected to close in the next two-three months and will value the financial services arm of the Piramal group at over ₹28,000 crores. Softbank will route the payment through its $100 billion Vision Fund.
Both the parties have been locked in conversations for quite some time now and the agreement was done earlier last week. Some details of the due diligence process are pending and may close in about two months.
Piramal Group, the 35-year-old conglomerate, is among Fortune 500 companies and works across sectors like healthcare, life sciences, drug discovery, healthcare information management, real estate, financial services, and specialty glass packaging.