Ajay Piramal, chairman of Piramal Healthcare Ltd. (PIHC), has dropped plans to sell his 85 percent stake in property fund Indiareit Fund Advisors Pvt. as he plans to invest the corpus in his real-estate business, the Economic Times reported, citing at least three people familiar with the development, which it didn’t identify.
Piramal was in talks with Religare Enterprises Ltd., a financial services company backed by billionaire brothers Malvinder and Shivinder Singh, to sell his stake for more than 3 billion rupees, the report said. The transaction was to close by mid-April, the paper said.
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