Piramal Pharma readies war chest for potential acquisition targets

After raising Rs 3,523 crore by selling 20 per cent equity to Carlyle Group, Piramal Pharma (PPL) is looking actively for potential acquisition targets, along with growing its existing business. It will list the firm after it achieves more scale.

A decade after Piramal sold its domestic formulations business to Abbott Laboratories for $3.72 billion, the group is now looking at re-entering the space in India. In June, it sold 20 per cent stake to Carlyle at an enterprise value of $2.78 billion and said it would use the funds to reduce debt, grow organically, and look for acquisitions. It