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Piramal Life Sciences listing by June

— PHOTO: SHASHI ASHIWAL

NEW LOOK: Ajay G. Piramal (left), Chairman, Piramal Group, and Swati A. Piramal, Director-Strategic Alliances and Communications, at a press conference in Mumbai on Tuesday.

MUMBAI: Healthcare and pharma company Piramal group on Tuesday said it would list its spun-off research and development arm Piramal Life Sciences on the bourses by June.

“Our R&D arm, earlier known as NPIL Research and Development Ltd., will be listed on the stock exchanges sometime in June. The shareholders of the earlier Nicholas Piramal group will now become shareholders of Piramal Life Sciences,” Piramal Group Chairman Ajay Piramal told reporters here. Piramal Life Sciences will have an independent board of directors. It will be working towards a new drug discovery in India which will be released in the global market.

Indiareit Fund Advisors Pvt. Ltd., a boutique real estate venture capital fund promoted by the Piramal group, will soon be launching an offshore fund of corpus $700-800 million.

“We will soon launch the international fund of $700-800 million. We already have a commitment of $250 million and expect to launch it after all necessary approvals by April,” Mr. Piramal said. The company now manages a total corpus of $45 million raised through two series of domestic funds as well as an offshore fund. Its first offshore fund had a corpus of about $160 million. The Piramal Group said it had renamed its firms in pharmaceuticals, diagnostics and glass ventures.

As part of the makeover plans, the group’s flagship company Nicholas Piramal India Ltd. will now be known as Piramal Healthcare Ltd. The other companies of the group, NPIL Laboratories and Diagnostics Pvt. Ltd., and Gujarat Glass Ltd. would become Piramal Diagnostic Services Pvt. Ltd. and Piramal Glass Ltd., respectively, the Piramal Group said, — PTI

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