Piramal Enterprises Chairman Ajay Piramal

Piramal Enterprises Chairman Ajay Piramal

Dhiraj Singh/Bloomberg

Ajay Piramal, chairman of Piramal Enterprises Ltd., said last year the company intended the stake in Vodafone India to be a “short-term to medium-term investment” and expected to reap a return of between 17 percent and 20 percent.