NCLT approves the demerger of Piramal Enterprises' pharma business

The NCLT on Friday approved the demerger of Piramal Enterprises’ pharma business with the parent firm now retaining the financial ser­vices business. 

This paves the way towards creation of two sepa­ra­te listed entities — Piramal Enter­prises and Piramal Pharma. “The approval... is a significant miles­tone. We are on track to achieve the completion of demerger and separate listing of Piramal Pharma by the third quarter,” Ajay Piramal, chairman, Piramal Ente­r­p­rises, said in a statement. 

The Board had approved the demerger in October last year and the company later obtained consent from the RBI, SEBI, stock exchanges, and clearances from  creditors and equity shareholders for the scheme.