Piramal fin unit FY12 loan book seen up to $193 mln
MUMBAI |
MUMBAI (Reuters) – Piramal Group plans to lend 7.5 billion to 10 billion rupees ($145 million to $193 million) to real estate projects in this fiscal year to March through its newly set up non-banking financial company, its chairman said on Monday.
The diversified group is also looking to raise its research and development spend by Piramal Healthcare to 2 billion rupees in the next financial year from 1.5 billion rupees this year, Ajay Piramal told the Reuters India Investment Summit.
Piramal, who made global news last year for selling his India drugs business to U.S.-based Abbott Laboratories for $3.72 billion, said the group also planned to acquire overseas biotechnology firms to boost research capability.
($1 = 51.7 rupees)
(Reporting by Kaustubh Kulkarni and Sumeet Chatterjee; Editing by Ranjit Gangadharan)
(For other news from the Reuters India Investment Summit, click here)
Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/NB1ady7OmY8/idINIndia-60635320111121
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