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Watch billionaire industrialist, Ajay Piramal at the BI Global Trends Festival

<ul><li><keyword id="6411578" type="PERSON" weightage="20" keywordseo="ajay-piramal">Ajay Piramal</keyword> received ₹8,900 crore, a whopping 52% return or $1.4 billion as per the exit agreement from vodafone-Idea.</li><li>Singh however exited <keyword id="6354923" type="UNKNOWN" weightage="20" keywordseo="vodafone-india">Vodafone India</keyword> in 2014 by selling his entire stake to its parent company Vodafone for ₹1, 241 crore.</li><li>Essar agreed to sell their stake at $5 billion which was a part of the deal</li><li>Here is a look at these three wise men</li></ul>The owners and shareholders of Vodafone Idea alike are nervous about its survival. All thanks to Supreme <a href="https://thewire.in/business/apex-court-verdict-on-agr-how-much-will-indias-telecom-industry-have-to-cough-up">Court’s move to support Indian telecom department</a> over a dispute on revenue calculations. That means <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">Vodafone is saddled with a bill of ₹44,150 crore</a>. But not all those who invested in Vodafone have lost. In fact, <a href="https://www.business-standard.com/article/companies/wherever-vodafone-investors-go-hefty-returns-follow-114041500133_1.html">three investors made the right bet at the right time</a> and walked away with handsome profits. Here is a look at these three wise men Ajay Piramal makes 52% returns on his investment 
 
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 Right after the first telecom war cooled off, Vodafone India (before merger with Idea) was back in the green due to reduced competitive intensity. That is when Vodafone was planning to go ahead with a public offer. One of the pre-IPO investors was Ajay Piramal who via Piramal Enterprises purchased 11% stake in 2011-12. He paid ₹5,864 crore but when it became obvious that the IPO plans were not going through, he also sold them in 2014. And, <a href="https://www.forbes.com/sites/naazneenkarmali/2013/12/06/indian-billionaire-ajay-piramal-to-get-500-million-windfall-from-vodafone-stake-sale/#645833232d13">he received ₹8,900 crore</a>, a whopping 52% return or $1.4 billion, as per the exit agreement. Putting it simply, he received a listing premium for an IPO that never happened. Now of course, the Piramals are associated with the reigning telecom giant Jio, by marriage. Ajay Piramal’s son Anand Piramal is married to Isha Ambani, the daughter of Mukesh Ambani, the owner of Reliance Industries. Analjit Singh exits his legacy investments for ₹1, 241 crore 
 
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 <a href="https://www.thehindubusinessline.com/info-tech/analjit-singh-appointed-vodafone-india-chairman/article23065539.ece">Analjit Singh</a>, the founder and chairman of Max India, and his wife held 24.65% in Vodafone through Scorpio Beverages. He <a href="https://www.business-standard.com/article/technology/essar-exits-vodafone-for-5-bn-111040100124_1.html">had been with the Hutch group</a> before it was purchased by Vodafone and also increased in stake later. Singh however exited Vodafone India in 2014 by selling his entire stake to its parent company Vodafone for ₹1, 241 crore. He got <a href="https://economictimes.indiatimes.com/industry/telecom/analjit-singh-to-get-1/7th-of-what-piramal-will-get-for-exiting-vodafone/articleshow/26973026.cms?from=mdr">1/7th of what Piramal received</a>, as the British parent was increasing its stake in the company. He currently heads Max Group that comprises of three holding firms, namely Max Financial Services, Max India and Max Ventures and Industries. The Ruias of Essar call in the cash with their put option 
 
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 When Ruias of Essar sold 67% of controlling stake to Vodafone in 2007, they never exited completely. They had held 33% minority stake in the company. The former deal which landed Vodafone in an <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">unexpected tax case</a>, also provided Ruias with a put option to exit their investment. During the start of this decade, Vodafone was planning an IPO and buying out all the minority shareholders. After multiple rounds of <a href="https://www.business-standard.com/article/technology/essar-exits-vodafone-for-5-bn-111040100124_1.html">negotiating and dilly dallying</a>, Essar agreed to sell their stake at $5 billion which was a part of the deal. However, since the 2007 deal was brokered, the value of India business had gone down due to severe competition as Tata DoCoMo made an entry in 2008. See also: <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">Vodafone-Idea is now a ₹3 stock after a shocking quarterly loss</a> <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms"> </a><a href="https://www.businessinsider.in/business/corporates/news/vodafone-writes-off-book-value-of-indian-operation-ceo-flags-liquidation-risk/articleshow/72031766.cms">Vodafone CEO Nick Read hints at a possible collapse without government support</a>

Three wise men who exited Vodafone India just in time to make millions

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> recently invested ₹200 crore in <keyword id="6397591" type="ORGANIZATION" weightage="20" keywordseo="piramal-enterprises">Piramal Enterprises</keyword>’ debt. </li><li>Reports say that these funds will be used by the firm in the financial services sector. </li><li>Meanwhile, <keyword id="6411578" type="PERSON" weightage="20" keywordseo="ajay-piramal">Ajay Piramal</keyword> and <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> are reportedly in talks to start a consumer lending venture, which could also see investment from Softbank.</li></ul>Flipkart co-founder Sachin Bansal has long been rumoured to make a comeback with a venture in the financial services sector. His recent investments seem to be solidifying those claims. Bansal invested ₹200 crore in Piramal Enterprises’ debt and has subscribed to its non-convertible debentures (NCDs). <a href="https://www.livemint.com/companies/news/sachin-bansal-invests-200-cr-in-piramal-enterprises-debt-1563126810412.html">Piramal Enterprises</a> itself will infuse these new funds into its financial services sector. <a href="https://www.timesnownews.com/business-economy/companies/article/exclusive-new-ambani-piramal-marriage-for-consumer-lending-and-with-softbank/453023">Reports </a>also say that Piramal Enterprises’ Ajay Piramal and Mukesh Ambani’s Reliance Jio whose children are married, will be turned business partners as well. They are expected to launch a consumer lending venture, which could be backed by Softbank. Piramal Enterprises is finalising an investment of over ₹9,600 crore by the Japanese investment firm, said the reports. In <a href="https://www.livemint.com/companies/start-ups/sachin-bansal-invests-in-altico-indostar-cap-1551115360930.html">February 2019</a>, Bansal invested in two Non Banking Financial Companies (NBFCs) – Altico Capital India and IndoStar Capital Finance. Bansal had made an investment of ₹250 crore each through his company BAC Acquisitions. In the same month, <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/sachin-bansal-plans-to-foray-into-fin-services/articleshow/68088962.cms">ET</a> said that Bansal had reportedly made queries at the Reserve Bank of India, to understand the regulations necessary to start a bank. Meanwhile, in May 2019, Bansal <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/flipkarts-sachin-bansal-joins-ujjivan-small-finance-bank-as-director/articleshow/69585188.cms">joined</a> Ujjivan Small Finance Bank as its independent director. Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart, last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, are the famous duo who started Flipkart from a two-bedroom apartment. It is now one of India’s biggest e-retail giants. He sold his 5.5% stake for $1 billion in the sale in 2018. Apart from his investments in the financial sector, Bansal had also recently invested in the ride hailing unicorn Ola and electric bike startup Ather Energy.

Sachin Bansal is strengthening his base in financial services with big investments

Billionaire investor <keyword id="6411578" type="PERSON" weightage="40" keywordseo="Ajay-Piramal">Ajay Piramal</keyword> has sold his stake in <keyword id="120748" type="CITY" weightage="40" keywordseo="British-Telecom">British telecom</keyword> giant <keyword id="359325" type="COMPANY" weightage="80" keywordseo="Vodafone-Plc">Vodafone Plc</keyword>, reaping a windfall of 50% return in just two years. 
 The <keyword id="6400918" type="COMPANY" weightage="80" keywordseo="Piramal-group">Piramal group</keyword> flagship <keyword id="6397591" type="PERSON" weightage="80" keywordseo="Piramal-Enterprises">Piramal Enterprises</keyword> has sold its 11% stake to Vodafone for Rs 8900 crore. The flagship company picked up 11% stake in two tranches, in August 2011 and February 2012, paying a total of Rs 5864 crore or Rs 1290 per share. 
 "The equity purchase in Vodafone was consistent with our objective of making <keyword id="6362476" type="ORGANIZATION" weightage="40" keywordseo="investments">investments</keyword> that offer opportunity to generate attractive long-term return on equity, says Ajay Piramal. "I am glad to say that we have delivered against our targeted returns with this investment," he adds. 
 The Piramal Group had earlier anticipated it would exit through an initial public offer of <keyword id="6354923" type="COMPANY" weightage="40" keywordseo="Vodafone-India">Vodafone India</keyword> shares. The Piramal Group had always maintained Vodafone for it was a financial parking of resources from its deal with Abbott. In September 2010, the group sold its profit making India pharmaceutical business putting around Rs 10,000 crore in its coffers, net of tax and debt repayment requirements. 
 
The group announced it was looking to enter new businesses, but meanwhile the cash lay idle. 
 
Piramal had then said that the investment in Vodafone was to buy time till current research activities, including drug discovery business developed.

Ajay Piramal Sells Stake In Vodafone, Reaping A Windfall Of 50% Return In Two Years

Which Zodiac signs do the biggest billionaires belong to?

(Eds: Adding details) New Delhi, Jun 27 () The US-based global investment firm Carlyle Group Inc will buy 20 per cent stake in Piramal Pharma for around USD 490 million (over Rs 3,700 crore), a statement said on Saturday. The capital raise will accelerate Piramal Pharma's organic and inorganic growth plans, the Ajay Piramal-led Piramal Enterprises and Carlyle Group said in the joint statement. "... CA Clover Intermediate II Investments, an affiliated entity of CAP V Mauritius Ltd, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc has agreed to invest fresh equity capital for a 20 per cent stake in Piramal Pharma Ltd...," it said. The transaction values the pharma business at an enterprise value (EV) of USD 2.775 billion (over Rs 20,980 crore), with an upside component of up to USD 360 million (over Rs 2,720 crore) depending on the company's FY21 performance, the statement said. "Based on the EV (excluding the upside component), exchange rate and pharma net debt as on March 31, 2020, the estimated equity capital investment for Carlyle's 20 per cent stake in Piramal Pharma would amount to USD 490 million (over Rs 3,700 crore)," it added. The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal. The transaction is expected to close in 2020, it added. "This is an affirmation of the strength of our ability to build new, attractive and scalable businesses with a significant runway for continued organic growth and opportunities for consolidation," Piramal Enterprises Chairman Ajay Piramal said. This infusion of funds "will further strengthen our balance sheet and provide us with a war chest for the next phase of our strategy," he added. Asked about the stake Piramal Enterprises will hold in the company post the transaction, Ajay Piramal told it will have 80 per cent stake. On whether Piramal Enterprises Ltd (PEL) will list Piramal Pharma going forward, he said: "We have publicly stated in the past, that in the medium term we will separate the two PEL businesses. This is a step closer towards that endeavour." PEL has two businesses -- pharma and financial services. Piramal Enterprises Executive Director Nandini Piramal said, "This fresh growth investment into our pharma business will be used as growth capital for the pharma businesses to expand capacity across our sites as well as to tap attractive acquisition opportunities within and outside India." "In the interim, the proceeds from this capital raise may also enable us to further strengthen our balance sheet through deleveraging in the near term," she added. Carlyle Asia Partners advisory team MD Neeraj Bharadwaj said Piramal Pharma has built a strong, diversified pharma business with a solid market position and scale in each of its core business segments of pharma solutions, critical care and consumer products. "Given global pharma industry trends, we see attractive opportunities for organic as well as inorganic growth in each of these businesses," he added. In similar vein, Carlyle Asia Partners advisory team Co-Head Greg Zeluck said, "This investment marks the beginning of an important partnership with the Piramal family, and further underscores our commitment to the Indian market." Carlyle has a history of investing in the healthcare sector, both in India and globally. It had in May announced a majority stake investment in Indian animal healthcare firm SeQuent Scientific, which is expected to close in the third quarter of 2020, the statement said. It has also made investments in Medanta Medicity Hospital, and diagnostic chain Metropolis Healthcare, among others in the Indian healthcare sector. Rothschild &amp; Co served as financial advisor and Cyril Amarchand Mangaldas and Covington &amp; Burling LLP served as legal advisors to Piramal Enterprises Ltd on this transaction. JP Morgan served as financial advisor and AZB &amp; Partners and White &amp; Case served as legal advisors to Carlyle. AKT ABM ABM

Carlyle Group to buy 20 pc stake in Piramal Pharma for over Rs 3,700 cr

Microblogging site <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword>'s explanations to a parliamentary panel on showing <keyword id="26604" type="PERSON" weightage="20" keywordseo="ladakh">Ladakh</keyword> as part of China are inadequate and the act amounts to criminal offence attracting imprisonment of seven years, committee chairman Meenakshi Lekhi said on Wednesday. <div type="Article" hostid="261" msid="78805315" title="Twitter CEO is facing fire from India after a map showed Jammu and Kashmir as part of China" mstype="2" mssubtype="0"></div> Representatives of Twitter appeared before the joint committee of parliament on <keyword id="4839724" type="PERSON" weightage="20" keywordseo="data-protection-bill">Data Protection Bill</keyword>, 2019 and were questioned by the members on showing Ladakh as part of China, Lekhi said. "The committee was unanimous in its opinion that Twitter's explanation on showing Ladakh as part of China was inadequate," Lekhi told . However, representatives of Twitter told the panel that the social media company respects the sensitivities of India, she said. "It is not a question of sensitivities only, it is a matter of India's sovereignty and integrity, showing Ladakh as part of China amounts to criminal offence which attracts imprisonment of seven years," Lekhi said. Officials who deposed before the panel on behalf of <keyword id="749437" type="COMPANY" weightage="20" keywordseo="Twitter-India">Twitter India</keyword> included Shagufta Kamran, senior manager, public policy, Ayushi Kapoor, legal counsel, Pallavi Walia, policy communications, and Manvinder Bali, corporate security. Officials from the Ministry of Electronics, Information and Technology, and Ministry of Law and Justice also deposed before the panel. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/building-blocks-of-life-discovered-in-titans-atmosphere-nasa-discovers-a-weird-molecule-on-saturns-largest-moon/articleshow/78909286.cms">Building blocks of life discovered in Titan’s atmosphere — NASA discovers a ‘weird’ molecule on Saturn’s largest moon</a> <a href="https://www.businessinsider.in/finance/banks/news/ajay-piramal-believes-that-if-banks-wont-lend-to-long-term-projects-india-will-need-to-revive-the-likes-of-idbi-and-ifci/articleshow/78906135.cms">EXCLUSIVE: Ajay Piramal believes that if banks won't lend to long-term projects, India will need to revive the likes of IDBI and IFCI</a> <a href="https://www.businessinsider.in/science/space/news/apophis-the-god-of-chaos-asteroid-is-speeding-up-increasing-the-likelihood-of-it-hitting-earth-in-2068/articleshow/78895818.cms">Apophis, the ‘God of Chaos’ asteroid is speeding up — increasing the likelihood of it hitting Earth in 2068</a>

Twitter's explanation on showing Ladakh as part of China deemed inadequate by India

New Delhi, Feb 4 () Ajay Piramal-led Piramal Enterprises on Tuesday reported 20.25 per cent rise in consolidated net profit to Rs 724.19 crore for the quarter ended December 31, 2019 mainly on account of robust growth in the pharma business.
The company had posted a profit of Rs 602.04 crore for the same period a year ago, Piramal Enterprises said in a filing to the BSE.
 Revenue from operations also rose to Rs 3,805.67 crore for the quarter under review as against Rs 3,489.30 crore in the year-ago period.
 "We are pleased to announce consistent performance demonstrated by 14 per cent year-on-year revenue growth to Rs 10,915 crore and net profit growth by 20 per cent year-on-year to Rs 1,749 crore for nine months of FY2020, especially given the sectoral volatility in the markets that we operate in," company's Chairman Ajay Piramal said.
 By the end of FY2020, "we will have exceeded our earlier stated commitment of bringing in Rs 8,000-10,000 crore of equity in the company, with inflows of up to around Rs 14,500 crore, through various initiatives including Preferential Allotment to CDPQ, sale of DRG and our Rights Issue that witnessed active participation from most existing large investors including the promoters," he said.
 The company's repeated partnerships with marquee global and domestic investors are an affirmation of the robustness of its business model and future growth trajectory, he added.
"With this capital infusion, our company is well-capitalized to tap both organic and inorganic opportunities arising from industry consolidation and effectively transform our Financial Services business from a largely wholesale business into a well diversified financial services business," Piramal said.
In the pharma business, that is consistently delivering robust performance quarter after quarter, the company plans to further raise additional equity capital for its future growth, he added.
 "Infusion of additional capital in Pharma is the next step towards unlocking value of the company," Piramal said.
The company is transforming the Financial Services business into a well-diversified model across both wholesale and retail financing, Piramal Enterprises said.
 The company plans to infuse growth capital into the pharma business, it added.
 It plans to bring pharma businesses under a subsidiary and raise funds by issuing a minority stake (less than 20 per cent) to potential financial investors. This fund raise will not just provide capital for growth, but will also enable value discovery for the pharma business, Piramal Enterprises said.
 The company plans to target both organic and inorganic growth opportunities across businesses it operates in. It is also evaluating re-entry in domestic formulations, it added.
 Shares of Piramal Enterprises were trading at Rs 1393.20 per scrip on the BSE, up 4.13 per cent from the previous close. AKT AKT ANU
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Watch billionaire industrialist, Ajay Piramal at the BI Global Trends Festival

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