Piramal Enterprises, the Indian company controlled by Indian billionaire Ajay Piramal, agreed to buy a 20 percent stake in financial-services company Shriram Capital Ltd. for 20.14 billion rupees ($334 million).
The deal follows last year’s purchase of a stake in Shriram Transport Finance Ltd., another affiliate of Shriram Group, Mumbai-based Piramal Enterprises said in a statement today. Shriram Capital’s operating units have more than 9 million customers, according to the release.
Ajay Piramal, who sold his pharmaceuticals business to Abbott Laboratories for $3.8 billion in 2010, is seeking to expand beyond providing funding for infrastructure and property projects. Financial services was Piramal Enterprises’ fastest-growing business last year, a company presentation on its website shows.
This month, Piramal Enterprises announced the sale of an 11 percent stake in its Indian mobile-phone unit to Vodafone Group Plc’s local subsidiary for 89 billion rupees.
UBS AG advised Piramal Enterprises on the Shriram Capital transaction.