NCLT approves the demerger of Piramal Enterprises’ pharma business
The NCLT on Friday approved the demerger of Piramal Enterprises’ pharma business with the parent firm now retaining the financial services business.
This paves the way towards creation of two separate listed entities — Piramal Enterprises and Piramal Pharma. “The approval… is a significant milestone. We are on track to achieve the completion of demerger and separate listing of Piramal Pharma by the third quarter,” Ajay Piramal, chairman, Piramal Enterprises, said in a statement.
The Board had approved the demerger in October last year and the company later obtained consent from the RBI, SEBI, stock exchanges, and clearances from creditors and equity shareholders for the scheme.