Piramal Group's subsidary invests Rs 6 bn in Annapurna Finance

15 May 2024 CW Team

Piramal Alternatives, the fund management arm of the Piramal Group, has made a significant investment in Annapurna Finance Private Limited, amounting to Rs billion. This investment includes Rs 3 billion to acquire a 9.85% stake in Annapurna through a secondary purchase of shares, along with an additional Rs 3 million for subscribing to Annapurna's optionally convertible debenture. ?The deal involved a combination of secondary purchase of shares and providing Tier-II capital. The structured capital solution will help fuel the risk-calibrated growth of the company's assets under management?, commented a representative of Piramal Alternatives ? a wholly-owned subsidiary of Piramal Enterprises. Annapurna Finance, headquartered in Bhubaneswar, is a prominent Non-Banking Financial Company (NBFC) with a strong focus on microfinance. Last year, the company applied for a universal bank license from the Reserve Bank of India. As of March 31, 2024, Annapurna Finance boasts assets under management exceeding $1.25 billion, operating through 1,372 branches across 20 states, covering nearly 450 districts. ?The growth capital from Piramal Alternatives will provide the necessary ammunition for business diversification and help consolidate our leadership position in key markets,? said Gobinda Chandra Pattanaik, MD & CEO, Annapurna Finance Private Limited. Unitus Capital served as the exclusive financial advisor to Annapurna Finance for this transaction. Apart from microfinance, Annapurna Finance also extends secured and unsecured loans to micro, small, and medium-sized enterprises (MSMEs). The company enjoys backing from prestigious domestic and international investors, including Nuveen Global Impact, Oman India Joint Investment Fund, and the Asian Development Bank, among others.

(Source: Business Standard)

Infrastructure Urban

13 Oct 2025

Daikin Boosts Haryana’s Innovation Push with Rs 10 billion R&D Plan

Japanese multinational Daikin Industries has committed an investment of Rs 10 billion to set up a new research and development centre in Haryana. The proposed facility will focus on advanced technologies and sustainable industrial solutions, marking a significant boost to the state’s innovation and industrial ecosystem. The announcement follows the signing of a Memorandum of Understanding (MoU) in Osaka, Japan, during a visit by a Haryana government delegation held from October 6 to 8. The MoU was signed by Amit Kumar Agrawal, Commissioner and Secretary, Industries and Commerce Department, ..

Lloyds Metals to Build Rs 250 billion Steel Plant in Gadchiroli

Lloyds Metals & Energy Limited (LMEL) has announced an investment of Rs 250 billion aimed at transforming Gadchiroli in Maharashtra from a region once associated with the red corridor into a key industrial and growth hub. The company’s plans are centred on establishing an integrated steel production ecosystem, which will contribute significantly to regional development and employment. As part of its expansion strategy, LMEL is setting up a 4.5-million-tonne blast furnace in Gadchiroli, scheduled for completion by 2027–28, along with another 1.2-million-tonne facility in Chandrapur by 2029..

UPI Crosses 500 Million Users, Fuels MSME and Digital Growth

The Unified Payments Interface (UPI) has achieved a new milestone, surpassing 500 million consumers and 65 million merchants across India. The platform, developed by the National Payments Corporation of India (NPCI), has expanded its reach to nearly 99 percent of the country’s pin codes, underlining its deep penetration into both urban and rural markets. According to a report by NPCI and the Boston Consulting Group (BCG) launched during the Global Fintech Fest 2025, UPI has evolved from being a digital payments mechanism into a key enabler of financial inclusion and small business growth. I..