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Real estate arm of the <keyword id="6400918" type="General" weightage="50" keywordseo="piramal-group" source="Orion">Piramal Group</keyword>, <keyword id="620925" type="General" weightage="80" keywordseo="piramal-realty" source="Orion">Piramal Realty</keyword>, and Jio-bp announced their partnership to provide world-class EV charging solutions across all <keyword id="100407" type="General" weightage="100" keywordseo="piramal" source="Orion">Piramal</keyword>'s residential projects in the Mumbai Metropolitan Region, a joint press release stated on Thursday. Jio-bp is a fuel and mobility joint venture between RIL and bp. As part of this partnership, customers and visitors to Piramal's residential projects will be able to charge their electric vehicles seamlessly at Jio-bp pulse EV charging stations at sites with the Jio-bp pulse mobile app. The first set of EV charging points at <keyword id="3415882" type="General" weightage="50" keywordseo="piramal-vaikunth" source="Orion">Piramal Vaikunth</keyword> in Thane were installed. Piramal Group said sustainability is a key pillar of Piramal Realty's business strategy and is integrated at all levels of its operations. The availability of EV charging infrastructure within its residential complexes ensures convenient charging of electric vehicles and boosts the confidence of potential electric vehicle buyers. Jio-bp constructed and launched many charging hubs along with hundreds of public charge points in various cities and major highways in India. Besides fixed charging, Jio-bp also offers <keyword id="5930710" type="General" weightage="80" keywordseo="battery-swapping" source="Orion">Battery Swapping</keyword> services through its large network of Battery Swapping Stations. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/heres-how-meesho-zepto-pepperfry-and-icertis-cracked-hyperscaling/slidelist/98943189.cms">Here’s how Meesho, Zepto, Pepperfry and Icertis cracked ‘hyperscaling’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/global-it-services-firm-accenture-slashes-19000-jobs-tech-mayhem-deepens/articleshow/98944217.cms">Global IT services firm Accenture slashes 19,000 jobs, tech mayhem deepens</a>

Piramal Realty inks deal with Jio-bp to install EV charging stations at its properties

The <keyword id="6354457" type="COMPANY" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) on Monday gave its approval to <keyword id="6400918" type="COMPANY" weightage="20" keywordseo="Piramal-group">Piramal Group</keyword>'s bid for bankrupt-DHFL, subject to certain conditions. The tribunal's Mumbai-bench, chaired by H P Chaturvedi and Ravikumar Duraisamy, said the approval is subject to the final judgement from the <keyword id="6396354" type="COMPANY" weightage="20" keywordseo="national-company-law-appellate-tribunal">National Company Law Appellate Tribunal</keyword> (<keyword id="6396355" type="COMPANY" weightage="20" keywordseo="nclat">NCLAT</keyword>) and the <keyword id="6354977" type="COMPANY" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword>'s judgement on Kapil Wadhawan in the matter. In its order, NCLT asked <keyword id="127124" type="COMPANY" weightage="20" keywordseo="DHFL">DHFL</keyword>'s (Dewan Housing Finance Corporation Ltd) Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the approved resolution plan. "We are not remanding the plan back to CoC, we respect their commercial wisdom," it said. NCLT also rejected former DHFL promoter Kapil Wadhawan's plea to get access to a copy of the resolution plan. On May 25, NCLAT stayed the direction of NCLT asking the lenders of DHFL to consider the offer by Wadhawan. The appellate tribunal had also clarified that its order should not come in the way for NCLT to decide on approval for the resolution plan selected by the CoC. NCLAT's direction had come on an urgent petition moved by the <keyword id="63524" type="COMPANY" weightage="20" keywordseo="Union-Bank-of-India">Union Bank of India</keyword> on behalf of the CoC. On May 19, NCLT asked the RBI-appointed administrator of DHFL to present the settlement plan offered by Wadhawan to the CoC. In January this year, the CoC voted in favour of selling DHFL to the Piramal Group under the Insolvency and Bankruptcy Code. Last year, Wadhawan had made his settlement offer to the CoC. The offer was rejected by the creditors, citing lack of credibility and the valuations attached to the proposed asset sales. In the plan, Wadhawan had proposed to repay lenders by selling assets. In November 2019, <keyword id="30067" type="COMPANY" weightage="20" keywordseo="RBI">RBI</keyword> had referred DHFL -- then the third-largest pure-play mortgage lender -- for resolution under the Code. DHFL had gone bankrupt with more than ₹90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who kept fixed deposits with the company. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a>

NCLT approves Piramal Group's resolution plan for DHFL

Mumbai, The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has approved the takeover of <keyword id="533676" type="DOMAIN" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation-Ltd">Dewan Housing Finance Corporation Ltd</keyword> (<keyword id="127124" type="COMPANY" weightage="20" keywordseo="DHFL">DHFL</keyword>) by <keyword id="100407" type="DOMAIN" weightage="20" keywordseo="Piramal">Piramal</keyword> Group. The development comes just a month after the Committee of Creditors (CoC) of DHFL voted in favour of Piramal's bid with 94 per cent votes and approved its resolution plan. "We understand that the RBI has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the CoC," said a statement by Piramal Group. Now, the proposed takeover requires the approval of the National Company Law Tribunal. The other major contender for the debt-ridden NBFC was US-based <keyword id="216100" type="COMPANY" weightage="20" keywordseo="Oaktree-Capital">Oaktree Capital</keyword> which secured around 45 per cent of the votes from the lenders in the voting process last month. The total offer of Piramal was ₹37,250 crore, compared to ₹38,400 crore offered by Oaktree. However, Piramal had offered higher upfront cash payment. The total dues of DHFL stand at around ₹90,000 crore. Piramal, in its bid, has offered an additional amount in the resolution process to fixed deposit holders, over and above what the CoC offers them through the IBC resolution. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-issues-new-guidelines-for-passengers-arriving-from-the-uk-brazil-europe-and-middle-east-countries/articleshow/81083248.cms">India issues new guidelines for passengers arriving from the UK, Brazil, Europe and Middle-East countries</a> <a href="https://www.businessinsider.in/business/startups/news/not-just-a-tiktok-clone-says-chingari-app-founder-with-their-latest-shop-within-videos-feature-which-he-claims-is-the-next-big-thing-in-social-commerce/articleshow/81084432.cms">‘Not just a TikTok clone,’ says Chingari founder with their latest shop within videos feature which he claims is the next big thing in social commerce</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f62-review-the-new-mid-range-killer/articleshow/81084382.cms">Samsung Galaxy F62 review – the new mid-range killer</a> <a href="https://www.businessinsider.in/business/corporates/news/cairn-energy-ceo-meets-indian-finance-secretary-as-shareholders-impatiently-wait-for-action-on-the-1-4-billion-tax-dispute/articleshow/81087952.cms">Cairn Energy CEO meets Indian finance secretary as shareholders impatiently wait for action on the $1.4 billion tax dispute</a>

RBI approves takeover of DHFL by Piramal Group

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<ul><li>Creditors of DHFL, which include about 20 Indian banks and many other financial institutions, would recover an aggregate of ₹38,000 crore ($5 billion) from the resolution process of the firm and acquisition by Piramal Enterprises.</li><li>Many Indian banks had exposure to the crisis hit housing finance firm Dewan Housing Finance Corporation including most of the public sector banks.</li><li>Analysts say this is one of the biggest resolutions till date and the move will bring recovery into the banking sector.</li></ul><keyword id="6400918" type="General" weightage="20" keywordseo="piramal-group" source="Orion">Piramal Group</keyword> has completed the acquisition of crisis-hit Dewan Housing Finance Corporation (DHFL) for ₹34,250 crore. DHFL’s creditors will recover 46% of their pending dues via the resolution process, the company said in a statement. The amount of ₹34,250 crore ($4.61 billion) paid by Piramal will be through a combination of cash and non-convertible debentures and an amount of around ₹3,800 crore will be paid to the creditors from the cash balance available with DHFL. Analysts say this is one of the biggest resolutions till date to financial institutions after the <a href="https://www.business-standard.com/about/what-is-il-fs-crisis">IL&amp;FS crisis</a>. About 19 Indian banks have exposure to the crisis-hit housing finance firm including most of the public sector banks. Shares of the top five lenders moved up on Wednesday after the company said it will pay ₹38,000 crore in total to all creditors. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% change in stock price </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.33% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.68% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.87% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.71% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.27% </td></tr></tbody><tbody></tbody><tbody></tbody></table> “DHFL’s resolution has finally happened and the recovery upgradation and reversal provision will be visible in banks (books) in the coming quarters which is positive for the sector and the banks having exposure to the firm,” Siddharth Purohit, research analyst at SMC Securities told Business Insider. There are about 20 Indian banks and many other financial institutions that have lent to DHFL over a period of time. Here is a list of top five lenders to the firm: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Claims (in Rs billions) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Admitted (in Rs billions) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rejected (in Rs billions) </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI (including SBI Singapore) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">100.83 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">71.71 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">29.12 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.26 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.26 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank (Syndicate Bank) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">26.82 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21.52 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.31 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">24.13 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">23.86 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.27 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.75 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.54 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: ICICI Securities research report, January 19, 2021 How did one of the country’s biggest crises take place? DHFL, a non-banking financial company, primarily gives loans to home buyers in India’s tier 2 and tier 3 cities. After the IL&amp;FS crisis emerged, in September 2018, DHFL’s stock got hammered, by as much as 60%. Then, in January 2019, <a href="https://economictimes.indiatimes.com/markets/stocks/news/dhfl-plunges-after-cobrapost-expose-on-dubious-loans/articleshow/67749239.cms">Cobrapost </a>claimed that the company’s promoters were involved in a ₹31,000 crore scam siphoning off money. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> On June 4, 2019, the company failed to pay about ₹900 crore worth of interest, prompting ratings agencies to downgrade all of its commercial papers. Adding to the woes, allegations of dubious financial transactions continued to emerge against Kapil Wadhawan (the then chairman and managing director) and Dheeraj Wadhawan (then a non-executive director). In October last year, the enforcement directorate (ED) even conducted raids at several DHFL offices and promoter residences. Putting an end to the fiasco, on November 29, 2019, the Reserve Bank of India (RBI) initiated insolvency proceedings against DHFL. To the company’s rescue, in January, 2021, billionaire Ajay Piramal's Piramal Group emerged as the preferred bidder for debt-laden mortgage lender DHFL. After two years of the crisis, many banks who had lent money to the housing firm will receive part of their loans along with a lesson learnt. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-supplier-tejas-networks-up-six-fold-before-pli-approval/articleshow/86607753.cms">This telecom equipment maker is up six fold in one year while waiting for production linked incentives</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amcs-ceo-says-mutual-fund-industry-to-see-many-mergers-in-next-couple-of-years/articleshow/86606968.cms">Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/elon-musk-leads-the-pack-mukesh-ambani-in-top-10-here-are-the-richest-people-on-the-planet/slidelist/86609457.cms">Elon Musk leads the pack, Mukesh Ambani in top 10 — Here are the richest people on the planet</a>

India’s 20 state owned banks get about $5 billion back from a loan written off and they are thrilled

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Register for the <keyword id="10088455" type="UNKNOWN" weightage="20" keywordseo="global-trends-festival">Global Trends Festival</keyword> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/trendsform_2020.cms" data-type="tilCustomLink">here</a>.</li></ul> <keyword id="192486" type="PERSON" weightage="20" keywordseo="Nandini-Piramal">Nandini Piramal</keyword> has worked hard to make her mark and be recognised for her own merits in this competitive landscape. And it was no easy feat to achieve, given her famous last name and the legacy built by her parents, who are super achievers. She is the daughter of Ajay Piramal, known as the man with the Midas touch, and Swati Piramal, who has helped shape policies and governance related to healthcare. Nandini joined the Piramal Group in 2009. And a year later, she played an instrumental role in the sale of Piramal Healthcare’s main formulations business to Abbott in a multi-billion dollar deal. However, the Oxford and Stanford educated Nandini has no intention of giving up on the pharma business. She carved her niche with the OTC or over-the-counter drugs business. When she took over, the company had six brands and ranked <a href="https://www.businesstoday.in/current/economy-politics/piramal-enterprises-boosts-otc-business-brand-acquisitions/story/265342.html">40 in an industry </a>crowded with FMCG majors like Dabur and Unilever and pharma majors like Cipla and Sun Pharma. Since then, she has been acquiring OTC brands, re-launching products, <a href="https://www.businesstoday.in/magazine/most-powerful-women/the-right-dosage/story/416359.html">and improving </a>distribution with phenomenal results. Some of its brands, like Saridon and i-Pill, are amongst the top sellers within their category. When the COVID-19 pandemic spread across the world, the unit also quickly launched sanitizers, wipes, and much more to cater to the growing demand in a new world. Nandini dons multiple hats and also heads HR and IT at the Piramal Group. She credits most of her success to being the daughter of a working mother, apart from being one herself. At the Global Trends Festival 2020, she will share insights on the need to increase women’s participation in the economy and help transform India’s potential. SEE ALSO: <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/catch-kavin-mittal-one-of-indias-youngest-billionaire-entrepreneurs-at-the-global-trends-festival-2020/articleshow/78600950.cms" data-type="tilCustomLink">Catch Kavin Mittal, one of India’s youngest billionaire entrepreneurs, at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/watch-sangita-reddy-president-ficci-speak-about-women-entrepreneurship-and-economic-leadership-at-the-global-trends-festival-2020/articleshow/78574587.cms" data-type="tilCustomLink">Watch Sangita Reddy, President, FICCI, speak about women entrepreneurship and economic leadership at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/watch-out-for-prajakta-koli-the-social-media-queen-at-the-global-trends-festival-2020/articleshow/78566982.cms" data-type="tilCustomLink">Watch out for Prajakta Koli, the social media queen at the Global Trends Festival 2020</a>

Watch out for Nandini Piramal on breaking barriers, and transforming businesses at the Global Trends Festival 2020

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> When billionaire Ajay Piramal sold his successful pharmaceutical company Nicholas Piramal to Abbot in 2010, many people were surprised. After all, he has been in this business for decades, but few remember that in the late 80s, before he purchased Nicholas Labs, he was running a textiles company and a machine tools company! Today, the $4 billion Piramal Enterprises spans sectors as varied as pharmaceutical and financial services and makes a third of its revenue outside India. The larger Piramal Group has interests in real estate and glass manufacturing as well, with offices in over 30 countries. After he completed business management from Jamnalal Bajaj Institute of Business Studies, entered the family business, his father handed him a newly acquired company called Miranda Tools to run - an experience that later helped him deal with the many companies he would acquire in his illustrious career ahead. A wide portfolio A young Piramal had initially faced many hardships including the labour troubles in the textile sector, before he made his entry into pharmaceuticals. That’s when the world saw his penchant for striking deals - a move which diversified the company across the entire range of drugs. He scooped up the domestic manufacturing plants of many multinational pharma majors like Roche, Aventis and more and it helped that back then MNCs were exiting India. Thanks to the many deals he made including buying a glass maker and bulk drug maker and by the time he sold the company, it had presence across the therapeutic range right from antibiotics to dermatological drugs to cardiovascular products. The <a href="https://www.business-standard.com/article/specials/of-mergers-and-spin-offs-198030201049_1.html">merger with Boehringer Manheim </a>added diabetics and even diagnostics range to its ever growing portfolio that helped it balance risks as a number of drugs’ prices were controlled by the government in the 2000s. The joint venture specialist Piramal also took a visionary approach to his business unlike most of his peers who were reverse engineering drugs in the domestic business earning ire from Big Pharma. Instead he struck joint ventures with MNCs like Boots and Allergan - some of whose brand rights were transferred to the business. By the time the company was sold to Abbott at a spectacular valuation which is 30 times the profit it was making, Nicholas Piramal had six Over-The-Counter brands <a href="https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/the-inside-story-of-how-ajay-piramals-pharma-empire-received-a-boost-after-the-abbott-sale/articleshow/62891694.cms">in the top sellers list </a>along with presence in every other therapeutic range. But Piramal’s move to sell to Abbot that left him with <a href="https://www.forbes.com/sites/naazneenkarmali/2014/04/17/in-a-dealmaking-spree-indian-billionaire-ajay-piramal-places-333-million-bet-on-financial-services/#2f6f7c695c7d">$1.6 billion of personal wealth</a>, was also not his career best masterstroke. That distinction is reserved to investment and exit in Vodafone India within <a href="https://www.forbes.com/sites/naazneenkarmali/2014/04/17/in-a-dealmaking-spree-indian-billionaire-ajay-piramal-places-333-million-bet-on-financial-services/#2f6f7c695c7d">two years that left </a>him with around $500 million gain with over 50% returns! He was one of the few people who would ever gain from Vodafone India, which later got mired in multiple controversies and has been struggling to survive in the recent past. It is this knack to sense opportunities quickly and clinch deals at the right time has earned him an interesting title - the <a href="https://www.business-standard.com/article/companies/is-ajay-piramal-the-warren-buffett-of-india-114041501418_1.html">Warren Buffet of India</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/news/get-inspired-by-prashant-chandrasekar-the-ceo-of-us-based-stack-overflow-at-global-trends-festival-2020/articleshow/78033494.cms" data-type="tilCustomLink">Get inspired by the Bengaluru boy who is now the CEO of US-based Stack Overflow at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/deepak-parekh-chairman-hdfc-a-legend-from-indias-financial-capital-at-global-trends-festival-2020/articleshow/78012923.cms" data-type="tilCustomLink">Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/meet-vani-kola-managing-director-kalaari-capital-the-unicorn-hunter-at-global-trends-festival-2020/articleshow/77999658.cms" data-type="tilCustomLink">Meet Vani Kola, the unicorn hunter, at Global Trends Festival 2020</a>

Don’t miss Ajay Piramal, a master deal maker with business in 30 countries, at the Global Trends Festival 2020

New Delhi, <keyword id="6400918" type="COMPANY" weightage="20" keywordseo="Piramal-group">Piramal Group</keyword> has won the bid to take over <keyword id="533676" type="DOMAIN" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation-Ltd">Dewan Housing Finance Corporation Ltd</keyword> (<keyword id="127124" type="COMPANY" weightage="20" keywordseo="DHFL">DHFL</keyword>), sources said. <keyword id="100407" type="DOMAIN" weightage="20" keywordseo="Piramal">Piramal</keyword> received 94% of the votes from the <keyword id="4911816" type="COMPANY" weightage="20" keywordseo="Committee-of-Creditors">Committee of Creditors</keyword> (CoC), said people in the know. The minimum requirement for winning a bid is 66% votes. The other major contender, US-based <keyword id="216100" type="COMPANY" weightage="20" keywordseo="Oaktree-Capital">Oaktree Capital</keyword> secured around 45% of the votes. The total offer of Piramal was ₹37,250 crore, compared to ₹38,400 crore offered by Oaktree. However, Piramal had offered a higher upfront cash payment. The total dues of DHFL stands at around ₹90,000 crore. Piramal, in its bid, has offered an additional amount in the resolution process to fixed deposit holders, over and above what the CoC offers them through the IBC resolution. The Adani Group also had initially shown interest in the bankrupt NBFC. Amid the tussle to takeover the NBFC, Piramal had said in a statement last week: "We have full faith that the Committee of Creditors, comprising some of the most reputed financial institutions of our country, will make the fair and just choice in the voting process." It said that its bid for DHFL offers the lenders the highest upfront cash recovery, has the highest score on the evaluation matrix, is fully compliant with all regulatory norms, and is fully and immediately implementable. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-clocks-in-nearly-27-jump-in-profit-crosses-the-10-billion-revenue-in-third-quarter-of-year-2020-21/articleshow/80278852.cms">HCL Tech clocks in nearly 27% jump in profit, crosses the $10 billion revenue milestone with one more quarter left</a> <a href="https://www.businessinsider.in/india/news/india-will-begin-its-covid-19-vaccination-drive-tomorrow-heres-everything-you-need-to-know/articleshow/80281740.cms">India will begin its COVID-19 vaccination drive tomorrow — here’s a look at how the world’s largest vaccine rollout is set to take place</a> <a href="https://www.businessinsider.in/education/news/here-are-the-top-courses-in-fintech-offered-by-indias-premier-colleges/articleshow/80286668.cms">From IIMs to BITS Pilani — here are the top courses in fintech offered by India’s premier colleges</a>

Piramal wins the race to acquire DHFL — lenders approve ₹37,250 crore bid

The <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword> and <keyword id="6354646" type="COMPANY" weightage="20" keywordseo="nse">NSE</keyword> have decided to suspend trading in the <keyword id="30335" type="ORGANIZATION" weightage="20" keywordseo="Shares">shares</keyword> of <keyword id="533676" type="COMPANY" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation-Ltd">Dewan Housing Finance Corporation Ltd</keyword> (<keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword>) from Monday. The development follows the approval of the resolution plan of Piramal Capital &amp; Housing Finance Ltd to acquire the bankrupt company. Delisting of the shares has been done as part of the resolution plan of the <keyword id="6397591" type="COMPANY" weightage="20" keywordseo="piramal-enterprises">Piramal Enterprises</keyword>' subsidiary. "In pursuance of Regulation 3.1.2 of the <keyword id="53581" type="COMPANY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> (Capital Market) Trading Regulations Part A, and for reasons mentioned above it is hereby notified that the following security will be suspended from trading w.e.f. June 14, 2021 (i.e. closing hours of trading on June 11, 2021)," said an NSE circular. It noted that the company through announcement dated June 9, 2021, stated that no value was attributable to the equity shares as per the liquidation value of the company estimated by registered valuers appointed under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. On June 7, the <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> bench of NCLT approved the resolution plan of Piramal Capital &amp; Housing Finance Ltd for DHFL. Piramal Capital &amp; Housing Finance Ltd is a wholly owned subsidiary of Piramal Enterprises. The approval came after the National Company Law Appellate Tribunal (NCLAT) on May 25 stayed the NCLT order directing DHFL's Committee of Creditors (CoC) to consider the settlement of its former promoter Kapil Wadhawan. On Friday, shares of DHFL on the BSE closed at Rs 16.70, lower by 9.97 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-launch-teased-expected-to-be-released-on-june-18/articleshow/83426239.cms">Battlegrounds Mobile India launch teased, expected to be released on June 18</a> <a href="https://www.businessinsider.in/tech/news/android-12-beta-breaks-records-googles-most-downloaded-beta-version-ever/articleshow/83425692.cms">Android 12 beta breaks records — Google’s most downloaded beta version ever</a>

You Searched For "Piramal" and got 10 results

Piramal Realty inks deal with Jio-bp to install EV charging stations at its properties

ANI

NCLT approves Piramal Group's resolution plan for DHFL

PTI

RBI approves takeover of DHFL by Piramal Group

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

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India’s 20 state owned banks get about $5 billion back from a loan written off and they are thrilled

Bhakti Makwana

Watch out for Nandini Piramal on breaking barriers, and transforming businesses at the Global Trends Festival 2020

BI India Bureau

Don’t miss Ajay Piramal, a master deal maker with business in 30 countries, at the Global Trends Festival 2020

BI India Bureau

Piramal wins the race to acquire DHFL — lenders approve ₹37,250 crore bid

IANS

BSE and NSE suspend trading in shares of Dewan Housing Finance Corporation Ltd (DHFL) from Monday

IANS

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