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Piramal open to tie-up with PE funds to buy select NBFCs: report

Piramal open to tie-up with PE funds to buy select NBFCs: report

Piramal open to tie-up with PE funds to buy select NBFCs: report
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By CNBC-TV18 Oct 26, 2018 9:36:40 AM IST (Published)

Piramal Enterprises Ltd (PEL) is willing to tie-up with private equity funds to acquire select non-banking financial company (NBFC) portfolios, Chairman Ajay Piramal told Mint.

Piramal Enterprises Ltd (PEL) is willing to tie-up with private equity funds to acquire select non-banking financial company (NBFC) portfolios, Chairman Ajay Piramal told Mint.

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“There are many PE funds who think this is an opportunity to acquire portfolios and assets which are at reasonable valuations. We have looked at some proposals and if there is enough substance, then I think there are enough people who would be ready to partner with us,” Piramal told the newspaper.
The NBFC sector is under crisis since last month when it came to light that IL&FS group defaulted on short-term loans. As an immediate aftermath, NBFCs' stocks went into free fall. The top 15 NBFC companies cumulatively lost over Rs 75,000 crore in just two initial trading sessions.
Piramal maintained that the liquidity crunch faced by many NBFCs has not significantly affected Piramal Enterprises, the report said.
 
 
 
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