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

<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

<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

After the bitter public feud between <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Group&amp;sortorder=effectivedate">Tata Group</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=cyrus+mistry&amp;sortorder=effectivedate">Cyrus Mistry</a>, the <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Sons+&amp;sortorder=effectivedate">Tata Sons </a>is looking forward to take away proxy powers of former Chairman <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> related to voting and attending shareholder meetings of group companies. 
 
There will also be discussions over developments after the ouster of Mistry. 
 The board meeting is, however, being called as a regular one by <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword>. People close to Tata Sons told ET the meeting is called to discuss operational matters and that Mistry cannot, in any case, vote on behalf of Tata Sons as he is no longer the chairman. 
 It is still not clear that either Mistry will be attending the meet or not. <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> is the interim chairman and the board members include Nitin Nohria, <keyword id="6368957" type="PERSON" weightage="20" keywordseo="vijay-singh">Vijay Singh</keyword>, Farida Khambata, Venu Srinivasan, <keyword id="6411578" type="PERSON" weightage="20" keywordseo="Ajay-Piramal">Ajay Piramal</keyword>, Amit Chandra, N Chandrasekaran and Ralf Speth. 
 
At present, Mistry has the powers which allow him to vote on behalf of Tata Sons in the shareholder meets of operating companies. 
 <keyword id="148911" type="COMPANY" weightage="20" keywordseo="Tata-Global-Beverages">Tata Global Beverages</keyword> replaced Mistry as chairman on Tuesday while Tata Sons ousted him as chairman of <keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword> by virtue of its majority holding.

Tata Sons Board may consider stripping Cyrus Mistry of proxy powers

Chairman of <a href="http://www.piramal.com/our-businesses/piramal-healthcare">Piramal Healthcare</a>, <keyword id="6411578" type="PERSON" weightage="20" keywordseo="Ajay-Piramal">Ajay Piramal</keyword> and his wife Dr. Swati Piramal believe in nurturing social-impact projects. 
 They are extensively involved with the <keyword id="322617" type="ORGANIZATION" weightage="20" keywordseo="Piramal-Foundation">Piramal Foundation</keyword>, the philanthropic arm of the <keyword id="6400918" type="COMPANY" weightage="20" keywordseo="Piramal-group">Piramal Group</keyword>, a diversified global business conglomerate, which has presence across various sectors such as healthcare, life sciences, drug discovery, healthcare information management, specialty glass packaging, financial services and real estate. They personally lead, guide and nurture the foundation. 
 
Each social project that is funded and nurtured by Piramal Foundation lies within one of the four broad areas – healthcare, education, water and empowerment. Projects like Piramal Sarvajal and e-Swasthya are now Harvard Business School Case Studies. 
 
Read more about how Ajay Piramal, a member of <a href="http://www.ypo.org/">Young Presidents' Organization</a> since 1992, started the Piramal Group and his inspirations and stories about the Piramal Foundation’s groundbreaking philanthropic work: 
 
1. What was your first job or business? 
My father acquired a machine tools business when I was 24. In a sense, he gave me the “keys to the shop.” I had to handle everything from marketing, sales, strategy and quality. It was a very good training ground for later in my career when my father and older brother died in quick succession and I became chairman of the group at 29. 
 
Our flagship was a textile mill, which was founded in 1871. These were challenging times for the textile industry, and I was able to turn around a nearly bankrupt business, which was badly hit by the longest textile strike in India’s history. I honed my management skills in my first job in the machine tools business and that helped me to form the Piramal Group. 
 
2. What is one must-read book for business leaders? 
The “<a href="http://www.amazon.com/The-Bhagavad-Gita-Penguin-Classics/dp/0140449183">Bhagavad</a><a href="http://www.amazon.com/The-Bhagavad-Gita-Penguin-Classics/dp/0140449183"> </a><a href="http://www.amazon.com/The-Bhagavad-Gita-Penguin-Classics/dp/0140449183">Gita</a>” is a 3,500-year-old text and a must-read on how to understand the true meaning of life and how to apply the lessons in both life and business. The Piramal Group operates with a single-minded purpose of “doing well and doing good” underpinned by its core values of knowledge, action and care. 
 
3. Fill in the blank: If I wasn’t a business leader, I would be a [BLANK] because [BLANK]. 
If I wasn’t a business leader, I would be a teacher. I enjoy working with young people and helping them realize their own dreams. At the Piramal School of Education and Leadership we train young people to become leaders. We take young postgraduates who want to make a difference and let them work for two years in rural and urban areas to help improve education standards for under-privileged children. When I see the aspirations of these young people I am extremely moved by their passion to make the world a better place. I also serve as chairman of India’s largest NGO Pratham, which helps millions of children learn to read. 
 
4. What is the most difficult leadership lesson you’ve learned? 
 To have the courage to take the “path less traveled” and believe that “values create value” (in business and life). To keep to your values in a turbulent and ever-changing world is a challenge<ins cite="mailto:Jeannette%20Acton-Shanks" datetime="2016-01-14T07:28">,</ins> but we believe that business must do well and do good to make a difference to the world around us. 
 
5. What is one of the most successfully funded and realized projects your foundation has helped bring to fruition? 
In 2007, a young social entrepreneur, Aditya Natraj, approached me with an unconventional idea to improve the quality of education in government schools. The idea involved investing in improvement of leadership capabilities of headmasters — implemented through young fellows who were keen on contributing to the social sector. I have always believed that the social issues that have persisted after more than 68 years of India’s independence require a solution that is innovative, can achieve breakthrough results and deliver change. Aditya's concept, starting with 10 schools and 10 fellows in Rajasthan<ins cite="mailto:Jeannette%20Acton-Shanks" datetime="2016-01-14T07:29">,</ins> was this kind of solution. We began our journey with a small seed capital of Rs5 million. After eight years of learning, the program now covers 1,300 schools across three states with a fellowship strength of 250 and an equal number of alumni. 
 
While the program sought to inspire unique leadership qualities of every headmaster, we were equally conscious that this had to result in an improvement in learning levels in these schools. Documented reports have shown that roughly 50 percent of students in Grade 5 in rural government schools are three grades behind in learning levels in language and mathematics. Our program over the last two years has consecutively delivered an average improvement of 20 percent in learning levels, as measured by an independent agency. In the course of this journey, we have innovated, failed, learned<del cite="mailto:Jeannette%20Acton-Shanks" datetime="2016-01-14T07:31">,</del> and refined the solution through a strong collaborative approach with the government. 
We believe that our approach to philanthropy —providing risk capital to promising ideas and incubating them to achieve scalable results — has provided a new model for this sector in India. We’ve learned immensely, and the results are a glimmer of hope while the journey has been encouraging and enriching. 
 
 6. Who is/are your business role model(s)? 
Warren Buffett because he has made sound investment decisions and has now willed considerable wealth to socially relevant purposes. 
 
7. What is the best piece of leadership advice you have received? 
Act as a trustee of the wealth that has been given to you and work in the interest of your beneficiaries; shareholders, employees, customers and society. 
 
8. How has the Piramal Foundation affected the Piramal Group as a business? 
The Foundation has a unique place in the group's contribution to its stakeholders and to society. The issues that we are trying to address in the Indian social milieu – primarily healthcare, quality of education, safe drinking water and women's empowerment – are complex issues with key development parameters. The Foundation's direct engagement in implementing a solution with governments, international donors and non-government agencies is creating replicable models that can be applied at scale. Our work across 15 Indian states is to create a platform for the Piramal Group to contribute in a meaningful manner to the country's progress. 
 
To me, the Foundation's work is indicative of a holistic approach to the group's purpose of doing well and doing good. Not only do we contribute to nation building, but we do it with a professional and ethical approach. The Foundation has successfully built a strong and professional leadership team serving a large organization of 2,000 employees. Building a sustainable enterprise, not just a portfolio of projects, driven by a common purpose has called for investments in building a talent pipeline, strengthening governance mechanisms and a robust operational backbone. The application of innovation principles in a practical, frugal and inclusive manner have had huge learnings for the business too. Above all, we focus on outcome-based plans and execution. 
 
The leverage that business and the Foundation derive from each other is a huge strength of the Piramal Group. The symbiotic relationship between the two parts of the organization builds an energy far beyond what each is capable of. 
 
9. What is the process to determine which projects should be funded by the Foundation? 
The philosophy of what the Foundation seeks to address, rests on three pillars: 
 
1. In India, we need solutions that are innovative and have the potential of delivering a step change in results. Innovation has a wide connotation in the social context – innovations in the solution set, innovative technology, a new delivery model, and process innovations. Governments have traditionally shunned innovation for the risk of failure (which is so inherent in the process), and this is where the private sector needs to step up. Learning from failures is a unique quality that we can bring to the foundation's approach. We continue to push the bar on what we strive for in the foundation and, to that extent, are hoping to create 'models' that can be replicated in varied context 
 
2. India's challenges are large. An innovative solution that works in a lab will not be of interest to policy makers who are trying to achieve a large task. Scale is critical in India and in that spirit, we believe that the models we create should be robust enough to work across large geographies and be sustainable (not just financially) in the long term. Ability to deliver scale, with the operational rigor that does not compromise on quality, is of immense value to governments and policy makers. 
 
3. We acknowledge the fact that the Piramal Group will never have all resources required to solve any problem nationally. By establishing innovative models that have potential to scale, we are happy to share these in open-source partnerships. Our biggest partner currently is the Indian government, besides a host of national and international partners. The collective force of collaborative partnerships work at different levels – Piramal Foundation as an implementing agency, a knowledge partner that seeks to contribute to a better understanding of the eco-system, partnerships to further research in public policy, etc. We believe that partnerships are crucial to address large problems, and we actively seek these in the quest of a more equitable India. 
 
 10. How has being in <keyword id="852310" type="ORGANIZATION" weightage="20" keywordseo="YPO">YPO</keyword> positively affected your business or leadership? 
Interacting with successful world leaders and creating friendships with them has helped me stay updated on the latest developments taking place in other parts of the world and equip our company to meet these challenges. 
 
11. An insight I would like to share with business leaders: 
Professor Shikhar Ghosh at Harvard Business School works closely with our Group. He made up a puzzle called Ajay Piramal’s Rules of Business for amusement of my colleagues at work and for my family. The puzzle, hints and answers are below. 
 
 
 
 
 
 
 
(The article is written by Erin Enberg) 
 
 YPO (Young Presidents’ Organization) is a not-for-profit, global network of young chief executives connected through the shared mission of becoming Better Leaders Through Education and Idea Exchange™. For more information, visit <a href="http://www.ypo.org/">www.ypo.org</a>. 
 
(Image: Thinkstock)

Nurturing a Social Impact Eco-System: 11 Questions with Social Impact Entrepreneur Ajay Piramal

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?

<ul><li>This bill primarily proposes a <keyword id="10678151" type="UNKNOWN" weightage="20" keywordseo="new-development-financial-institution">new development financial institution</keyword> (DFI), “as a provider, enabler and catalyst for infrastructure financing.”</li><li>DFIs are constituted to merge both the commercial viability of a bank along with the fulfilment of societal requirements.</li><li>Industrialists like Ajay Piramal, the owner of the Piramal group, had expressed his desire for a DFI in an exclusive conversation with Business Insider in October 2020.</li></ul> National Bank for Financing Infrastructure and Development (NaBFID) bill is one of the key bills among that 20 that have been tabled in the <keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> session that began yesterday. It is fair to assume the proposal will be part of Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>'s speech on Monday. This bill primarily proposes a new <keyword id="2268582" type="PERSON" weightage="20" keywordseo="development-financial-institution">development financial institution</keyword> (DFI), “as a provider, enabler and catalyst for infrastructure financing,” according to the <keyword id="6355187" type="PERSON" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> website. The website further states that the DFI will be the “ principal financial institution and development bank for building and sustaining a supportive ecosystem across the life cycle of infrastructure projects." This kind of a lending body was one of the demands from the industry for a while now especially since the pandemic⁠— and the pile of bad loans before that⁠— had forced to tighten the flow of credit. Industrialists like Ajay Piramal, the $2.9 billion owner of the Piramal group, which has interests from glass manufacturing to real estate to financial services, had expressed his desire for a DFI, in an exclusive conversation with Business Insider, way back in October. <div type="Youtube" id="J-VzkSZNYDg" title="Covid19: Only A Crisis Or An Opportunity In Disguise?" thumbUrl="https://i.ytimg.com/vi/J-VzkSZNYDg/mqdefault.jpg"></div> What are development financial institutions? DFIs are constituted to merge both the commercial viability of a bank along with the fulfilment of societal requirements. Basically, they are not solely profit-making institutions, unlike commercial banks. And they give loans for projects which may take as long as 15-25 years to be executed. DFIs, or <keyword id="10678152" type="UNKNOWN" weightage="20" keywordseo="developmental-banks">developmental banks</keyword>, is not a new concept. From 1948-1964, three banks were established to provide long-term financing in the industrial sector - Industrial Finance Corporation of India (IFCI), Industrial Credit and Investment Corporation of India (<keyword id="42456" type="DOMAIN" weightage="20" keywordseo="ICICI">ICICI</keyword>), and Industrial Development Bank of India (<keyword id="67881" type="COMPANY" weightage="20" keywordseo="IDBI">IDBI</keyword>). But in the 1990s, the long term operation (LTO) funds, a concessional funding that was provided by the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI), was withdrawn. This forced these developmental banks to raise financial resources at market-based rates, leading to the inevitable downfall of these banks. And while ICICI and IDBI were converted into full-fledged commercial banks, Industrial Investment Bank of India shut shop altogether. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/a-golden-chance-for-startups-to-raise-a-funding-of-2-million-in-just-10-minutes-at-iit-bombays-e-summit-2021/articleshow/80598283.cms" data-type="tilCustomLink" target="_blank">A golden chance for startups to raise a funding of ₹2 million in just 10 minutes at IIT Bombay’s E-Summit 2021</a> <a href="https://www.businessinsider.in/stock-market/news/why-nithin-kamath-of-zerodha-believes-a-gamestop-like-shorting-and-chaos-wont-happen-in-the-indian-stock-market/articleshow/80596832.cms" data-type="tilCustomLink" target="_blank">The founder of India’s largest broking firm argues that Gamestop-like chaos would never happen in India</a>

One thing we now know for sure is in the budget proposals⁠— a new infra lending institution

(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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