Emerging as the preferred bidder for Dewan Housing Finance Corporation Ltd (DHFL) is likely to help the Piramal Groups expand in the real estate and lending segment, particularly the retail space.
In a regulatory filing on Sunday, DHFL said the resolution plan submitted by Piramal Capital and Housing Finance Limited has been approved by the Committee of Creditors by majority voting.
According to the resolution plan, Piramal will merge its existing financial services business with DHFL.
The merged entity is expected to focus mainly on the retail real estate and lending space.
Analysts point out that Piramal Enterprises Ltd has been cutting down its large corporate exposures and also expects it to grow the consumer lending business.
“Over the past one to two years, the management focused on running down large corporate exposures, infusing capital, and increasing share of long-term borrowings in the NBFC segment,” said a recent note on Piramal Enterprises by Motilal Oswal,…
