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

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..