Piramal group and IL&FS to join hands
The Ajay Piramal Group is exploring the possibility of buying into Infrastructure Leasing & Financial Services (IL&FS). The Piramal Group is an Indian multinational Company with presence in Pharmaceuticals, Healthcare Services, Life Sciences, Glass Manufacturing and Real Estate.
The company’s legal and finance teams are busy charting out the contours of the proposed deal, which has been under negotiation for some time. In the next one month we can expect more clarity in this regard and the guidelines and norms will be finalised.
A Piramal Group arm may buy out some IL&FS stakeholders (like HDFC) which have been looking to exit. The persons familiar with the talks mentioned that the group arm will take over some of the assets like toll roads. They even are speculating the possibilities of a cash-less, but a more complex, transaction like a merger between IL&FS and a Piramal Group company.
The law firm Amarchand & Mangaldas is doing the due diligence. There is no official confirmation on the proposed transaction. IL&FS Chairman Ravi Parthasarathy did not want to comment on the transaction and it looks like both the companies want to keep it under the covers until the deal is finalised. A spokesperson for Ajay Piramal group stated that as per company policy, they do not comment on the market speculation.
Source- The Economic Times
Amarchand & Mangaldas, Glass Manufacturing, Healthcare Services, IL&FS, Infrastructure Leasing & Financial Services, Life Sciences, Pharmaceuticals, Piramal Group, Realty News
