Piramal Enterprises on Tuesday said it has received the approval from the Reserve Bank of India (RBI) to start non-banking finance company (NBFC) operations. The licence is for initiating an NBFC not accepting public deposits.
“The RBI has granted a certificate of registration to the company to commence the business of non-banking financial institution without accepting public deposits. The said licence was received by the company on July 26,” Piramal said in an exchange filing.
The approval from the RBI comes after the company received clearance of the shareholders to demerge its pharmaceuticals business and simplify its corporate structure.
Earlier, the company had acquired Dewan Housing Finance (DHFL) for Rs 34,250 crore. The acquisition will diversify Piramal Enterprises’ loan book towards retail financing by scaling up the retail loan book by up to five times, the company had said earlier.
