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Piramal Enterprises Limited has appointed Anand Piramal to its board as a non-Executive, non-Independent Director.
Anand is the son of Group Chairman Ajay Piramal and Vice-chairperson Dr Swati Piramal. His sister Nandini is also on the board of Piramal Enterprises Ltd (PEL). The board has approved Anand's appointment in the said capacity from May 12, 2017, a note from the company said, adding that it had shareholders approval as well.
“At Piramal, investing in and preparing the next generation of leaders is a critical priority. I am excited to invite Anand on the board as it strengthens our company and positions us effectively for the future,” Ajay Piramal said in the statement.
S. Ramadorai, former Vice Chairman of Tata Consultancy Service and board member with Piramal Enterprises said, “Anand has a strong track record of independently starting and building businesses. He founded Piramal Realty, acquired prime land parcels, assembled a great team, designed world class buildings and raised capital from Goldman Sachs and Warburg Pincus, two of the world’s most respected investors.”
Anand Piramal, founded Piramal Realty in 2012. Earlier he had set up a rural healthcare start-up called ‘Piramal eSwasthya’, where he drove the acquisition of HMRI (Health Management Research Institute). Today the merged entity ‘Piramal Swasthya’ is India’s largest private primary healthcare initiative, the company said.
PEL clocked a consolidated revenue of Rs 2,254 crore in its first quarter ended June 30, 2017, as compared to Rs 1776 in the corresponding period the previous year, the company said in its recently released financial statement. It registered a net profit of Rs 302 crore in the same period, on the back of its financial services and pharma businesses. In fact the quarter saw financial services at Rs 1,084 crore, contributing 48 percent of sales, pipping pharmaceuticals at Rs 887 crore that contributed to about 40 percent of sales. Its information management segment at a subdued Rs 252 crore, accounted for 11 percent of the company's sales in the quarter.
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