Family-controlled Indian conglomerate Piramal Group plans to make a big investment internationally as it seeks growth outside of its home market.
A spokesman for the company, which operates in a number of areas including pharmaceuticals, real estate and healthcare, told CampdenFB that the Piramal family will invest around $1.5 billion in mostly biotech companies in the US and Europe.
“The investment is part of our ongoing strategic diversification efforts,” he said.
The spokesman added that the group plans to use a combination of acquisitions and joint ventures to expand abroad through its pharmaceutical business. Piramal Healthcare is one of India’s biggest pharmaceutical companies, with turnover of around €500 million.
The group also moved on its succession plans last week, according to reports in the Indian media, which said third-generation Anand will likely head the group’s real estate arm. His sister Nandini is already executive director of the group’s healthcare division.
Piramal Group was founded by Gopalkrishna Piramal as a textile business and later split between his three sons, Ashok, Dilip and Ajay.
Ajay expanded the group operations to include pharmaceuticals through a series of acquisitions including Australian company Nicolas Laboratories in 1988.
Ajay has a wealth of around $1 billion, according to the 2010 Forbes billionaire list.